2016 Q1 Form 10-K Financial Statement

#000130178716000147 Filed on March 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2016 2015 Q2
Revenue $428.2M $1.917B $454.9M
YoY Change -5.72% -3.17% 2.48%
Cost Of Revenue $376.7M $1.654B $404.8M
YoY Change -6.83% -5.52% 3.45%
Gross Profit $51.47M $227.4M $50.20M
YoY Change 3.32% -0.74% -4.71%
Gross Profit Margin 12.02% 11.87% 11.03%
Selling, General & Admin $45.30M $204.5M $50.04M
YoY Change -5.82% -3.23% -3.75%
% of Gross Profit 88.01% 89.93% 99.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.500M $9.342M $2.278M
YoY Change 8.7% -1.38% -3.15%
% of Gross Profit 4.86% 4.11% 4.54%
Operating Expenses $47.90M $185.8M $52.31M
YoY Change -4.96% -13.83% -3.73%
Operating Profit $3.569M $41.65M -$2.118M
YoY Change -710.09% 207.71% 27.36%
Interest Expense -$7.000M $24.90M $6.553M
YoY Change 4.48% -7.0% 1.53%
% of Operating Profit -196.13% 59.78%
Other Income/Expense, Net -$200.0K $452.0K -$358.0K
YoY Change -239.08% 123.75%
Pretax Income -$3.600M $17.21M -$9.029M
YoY Change -50.68% -226.89% 9.09%
Income Tax $2.400M $1.121M -$84.00K
% Of Pretax Income 6.52%
Net Earnings -$6.063M $16.09M -$8.945M
YoY Change -20.64% -215.95% 3.91%
Net Earnings / Revenue -1.42% 0.84% -1.97%
Basic Earnings Per Share $1.80
Diluted Earnings Per Share -$693.2K $1.77 -$1.023M
COMMON SHARES
Basic Shares Outstanding 87.75M shares 8.913M shares 87.17M shares
Diluted Shares Outstanding 87.75M shares 9.069M shares 87.17M shares

Balance Sheet

Concept 2016 Q1 2016 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.800M $5.500M $6.000M
YoY Change 6.67% 14.58% -21.05%
Cash & Equivalents $4.808M $6.033M
Short-Term Investments
Other Short-Term Assets $32.01M $23.10M $20.77M
YoY Change 37.45% -27.81% -19.48%
Inventory $226.7M $191.3M $275.1M
Prepaid Expenses
Receivables $138.5M $125.9M $177.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $402.0M $345.8M $479.5M
YoY Change -3.1% -13.98% -1.15%
LONG-TERM ASSETS
Property, Plant & Equipment $101.6M $88.30M $105.7M
YoY Change -3.51% -13.09% -4.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.542M $10.00M $13.07M
YoY Change -39.62% 5.26% -19.8%
Total Long-Term Assets $111.1M $98.30M $119.3M
YoY Change -8.22% -11.52% -5.88%
TOTAL ASSETS
Total Short-Term Assets $402.0M $345.8M $479.5M
Total Long-Term Assets $111.1M $98.30M $119.3M
Total Assets $513.1M $444.1M $598.8M
YoY Change -4.26% -13.45% -2.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $88.09M $82.70M $100.9M
YoY Change 30.9% -6.13% 3.01%
Accrued Expenses $4.200M $8.300M $5.700M
YoY Change -25.0% 97.62% 3.64%
Deferred Revenue
YoY Change
Short-Term Debt $17.30M $21.70M $25.80M
YoY Change -36.63% 25.43% 20.0%
Long-Term Debt Due $6.611M $29.50M $4.505M
YoY Change 146.77% 346.97% -88.18%
Total Short-Term Liabilities $130.2M $154.3M $150.5M
YoY Change 11.03% 18.51% -14.63%
LONG-TERM LIABILITIES
Long-Term Debt $377.8M $270.8M $438.8M
YoY Change -5.62% -28.32% 7.21%
Other Long-Term Liabilities $14.30M $48.80M $13.33M
YoY Change 12.35% -4.5% -67.16%
Total Long-Term Liabilities $392.1M $319.6M $452.2M
YoY Change -5.06% -25.48% 0.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $130.2M $154.3M $150.5M
Total Long-Term Liabilities $392.1M $319.6M $452.2M
Total Liabilities $559.0M $474.0M $643.2M
YoY Change -2.26% -15.21% 2.71%
SHAREHOLDERS EQUITY
Retained Earnings -$267.1M -$264.5M
YoY Change 4.53%
Common Stock $256.0M $254.6M
YoY Change 0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$45.90M -$29.80M -$44.41M
YoY Change
Total Liabilities & Shareholders Equity $513.1M $444.1M $598.8M
YoY Change -4.26% -13.45% -2.13%

Cashflow Statement

Concept 2016 Q1 2016 2015 Q2
OPERATING ACTIVITIES
Net Income -$6.063M $16.09M -$8.945M
YoY Change -20.64% -215.95% 3.91%
Depreciation, Depletion And Amortization $2.500M $9.342M $2.278M
YoY Change 8.7% -1.38% -3.15%
Cash From Operating Activities $68.20M $41.40M -$37.50M
YoY Change 65.94% -436.53% -18.66%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $631.0K $665.0K
YoY Change -91.67% -79.08% -14.19%
Acquisitions $0.00
YoY Change
Other Investing Activities $200.0K $37.50M $300.0K
YoY Change 0.0% 4587.5% 0.0%
Cash From Investing Activities $100.0K $36.80M -$300.0K
YoY Change -110.0% -4700.0% -40.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -70.30M -77.50M 39.40M
YoY Change 61.98% 99.74% -19.92%
NET CHANGE
Cash From Operating Activities 68.20M $41.40M -37.50M
Cash From Investing Activities 100.0K 36.80M -300.0K
Cash From Financing Activities -70.30M -77.50M 39.40M
Net Change In Cash -2.000M $41.40M 1.600M
YoY Change -39.39% -436.53% -38.46%
FREE CASH FLOW
Cash From Operating Activities $68.20M $41.40M -$37.50M
Capital Expenditures -$100.0K $631.0K $665.0K
Free Cash Flow $68.30M $40.77M -$38.17M
YoY Change 61.47% -366.15% -18.58%

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CY2015 us-gaap Current Foreign Tax Expense Benefit
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CY2016 us-gaap Deferred State And Local Income Tax Expense Benefit
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5300000 USD
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CY2016Q1 us-gaap Defined Benefit Plan Weighted Average Asset Allocations
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CY2016 us-gaap Depreciation Depletion And Amortization
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5220000 USD
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5251000 USD
CY2016 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2014 us-gaap Gross Profit
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19445000 USD
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CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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232000 USD
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288000 USD
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CY2016 us-gaap Income Tax Reconciliation Other Reconciling Items
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19000 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
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3482000 USD
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CY2016 us-gaap Increase Decrease In Pension Plan Obligations
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3062000 USD
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942000 USD
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40108000 USD
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4800000 USD
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4500000 USD
CY2016 us-gaap Lease And Rental Expense
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4800000 USD
CY2015Q1 us-gaap Liabilities
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CY2016Q1 us-gaap Liabilities
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CY2015Q1 us-gaap Liabilities And Stockholders Equity
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CY2016Q1 us-gaap Liabilities Current
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CY2016Q1 us-gaap Long Term Debt Noncurrent
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377773000 USD
CY2015Q1 us-gaap Machinery And Equipment Gross
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CY2016Q1 us-gaap Machinery And Equipment Gross
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79173000 USD
CY2014 us-gaap Multiemployer Plan Period Contributions
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1300000 USD
CY2015 us-gaap Multiemployer Plan Period Contributions
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1000000 USD
CY2016 us-gaap Multiemployer Plan Period Contributions
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ProceedsFromSaleOfPropertyPlantAndEquipment
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ProceedsFromSaleOfPropertyPlantAndEquipment
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentGross
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2228000 USD
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SeveranceCosts1
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SeveranceCosts1
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ShareBasedCompensation
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CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
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259000 USD
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CY2016Q1 us-gaap Unrecognized Tax Benefits
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184000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
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CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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0 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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0 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
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567000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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75000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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200000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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200000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain other amounts in the prior years&#8217; consolidated financial statements and notes have been revised to conform to the current year presentation. During fiscal </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, we separately stated quarterly pension contributions, which historically had been presented as &#8220;Other&#8221; changes in the &#8220;Cash flows from operating activities.&#8221; To conform the historical presentation to the current and future presentation, we separately have detailed quarterly pension contributions in prior periods from &#8220;Other&#8221; changes in the &#8220;Cash flows from operating activities.&#8221; Additionally, some prior year items that were immaterial have been reclassified to &#8220;Other&#8221; changes in both &#8220;Cash flows from operating activities&#8221; and &#8220;Cash flows from financing activities.&#8221;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are required to make estimates and assumptions when preparing our Consolidated Financial Statements in accordance with U.S. GAAP. These estimates and assumptions affect the amounts reported in our Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates.</font></div></div>

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