2015 Q1 Form 10-Q Financial Statement

#000162828015003158 Filed on April 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $299.4M $270.0M
YoY Change 10.87% -6.21%
Cost Of Revenue $245.4M $217.0M
YoY Change 13.09% -10.33%
Gross Profit $53.91M $52.17M
YoY Change 3.34% 18.88%
Gross Profit Margin 18.01% 19.32%
Selling, General & Admin $44.70M $43.70M
YoY Change 2.29% 7.9%
% of Gross Profit 82.91% 83.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.781M $2.831M
YoY Change -1.77% -8.47%
% of Gross Profit 5.16% 5.43%
Operating Expenses $47.50M $46.60M
YoY Change 1.93% 7.13%
Operating Profit $6.436M $5.617M
YoY Change 14.58% 1706.11%
Interest Expense $7.695M $14.66M
YoY Change -47.51% -9.77%
% of Operating Profit 119.56% 260.98%
Other Income/Expense, Net -$8.473M -$13.73M
YoY Change -38.27% -15.24%
Pretax Income -$1.955M -$8.280M
YoY Change -76.39% -57.44%
Income Tax $105.0K -$56.00K
% Of Pretax Income
Net Earnings -$1.996M -$7.971M
YoY Change -74.96% -59.41%
Net Earnings / Revenue -0.67% -2.95%
Basic Earnings Per Share -$0.08
Diluted Earnings Per Share -$0.08 -$316.2K
COMMON SHARES
Basic Shares Outstanding 26.48M shares 25.36M shares
Diluted Shares Outstanding 26.48M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.3M $299.6M
YoY Change -51.17% -29.62%
Cash & Equivalents $146.3M $299.6M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.757B $1.488B
Prepaid Expenses
Receivables $35.90M $28.90M
Other Receivables $0.00 $2.800M
Total Short-Term Assets $1.939B $1.819B
YoY Change 6.58% 13.33%
LONG-TERM ASSETS
Property, Plant & Equipment $21.15M $18.14M
YoY Change 16.6% 7.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.40M $36.50M
YoY Change -71.51% -12.68%
Other Assets $43.20M $56.20M
YoY Change -23.13% -77.85%
Total Long-Term Assets $93.05M $132.0M
YoY Change -29.5% -61.33%
TOTAL ASSETS
Total Short-Term Assets $1.939B $1.819B
Total Long-Term Assets $93.05M $132.0M
Total Assets $2.032B $1.951B
YoY Change 4.14% 0.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.8M $71.90M
YoY Change 40.19% 15.59%
Accrued Expenses $72.70M $60.60M
YoY Change 19.97% -6.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $194.8M $166.7M
YoY Change 16.86% 3.41%
LONG-TERM LIABILITIES
Long-Term Debt $1.535B $1.512B
YoY Change 1.54% 0.31%
Other Long-Term Liabilities $43.40M $42.00M
YoY Change 3.33% -6.87%
Total Long-Term Liabilities $1.579B $1.554B
YoY Change 1.59% 0.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $194.8M $166.7M
Total Long-Term Liabilities $1.579B $1.554B
Total Liabilities $1.773B $1.721B
YoY Change 3.07% 0.41%
SHAREHOLDERS EQUITY
Retained Earnings -$595.6M -$618.7M
YoY Change -3.74% 1.14%
Common Stock $854.4M $849.5M
YoY Change 0.57% 0.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $258.8M $230.8M
YoY Change
Total Liabilities & Shareholders Equity $2.032B $1.951B
YoY Change 4.14% 0.24%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$1.996M -$7.971M
YoY Change -74.96% -59.41%
Depreciation, Depletion And Amortization $2.781M $2.831M
YoY Change -1.77% -8.47%
Cash From Operating Activities -$30.40M -$74.20M
YoY Change -59.03% -762.5%
INVESTING ACTIVITIES
Capital Expenditures -$4.600M -$3.400M
YoY Change 35.29% 61.9%
Acquisitions
YoY Change
Other Investing Activities $44.60M -$2.700M
YoY Change -1751.85% -155.1%
Cash From Investing Activities $40.00M -$6.100M
YoY Change -755.74% -317.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.100M -2.700M
YoY Change -22.22% -117.88%
NET CHANGE
Cash From Operating Activities -30.40M -74.20M
Cash From Investing Activities 40.00M -6.100M
Cash From Financing Activities -2.100M -2.700M
Net Change In Cash 7.500M -83.00M
YoY Change -109.04% -385.22%
FREE CASH FLOW
Cash From Operating Activities -$30.40M -$74.20M
Capital Expenditures -$4.600M -$3.400M
Free Cash Flow -$25.80M -$70.80M
YoY Change -63.56% -632.33%

Facts In Submission

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us-gaap Income Taxes Paid
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103000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
98000 USD
us-gaap Increase Decrease In Accounts And Other Receivables
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6196000 USD
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1511000 USD
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-11909000 USD
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IncreaseDecreaseInAccountsPayableTrade
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IncreaseDecreaseInDueToRelatedParties
0 USD
us-gaap Increase Decrease In Due To Related Parties
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0 USD
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156876000 USD
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181765000 USD
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-3488000 USD
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-11037000 USD
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CY2015Q1 us-gaap Insurance Recoveries
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5700000 USD
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us-gaap Interest Expense
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30691000 USD
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us-gaap Interest Expense
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17442000 USD
us-gaap Interest Paid
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60396000 USD
us-gaap Interest Paid
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59702000 USD
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CY2014Q3 us-gaap Inventory Homes Under Construction
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395726000 USD
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51672000 USD
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1557496000 USD
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CY2014Q3 us-gaap Inventory Real Estate
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1561353000 USD
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1757036000 USD
CY2014Q3 us-gaap Inventory Real Estate Land And Land Development Costs
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786768000 USD
CY2015Q1 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
849644000 USD
CY2014Q1 us-gaap Inventory Write Down
InventoryWriteDown
880000 USD
us-gaap Inventory Write Down
InventoryWriteDown
911000 USD
CY2015Q1 us-gaap Inventory Write Down
InventoryWriteDown
0 USD
us-gaap Inventory Write Down
InventoryWriteDown
0 USD
CY2014Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
38341000 USD
CY2015Q1 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
10372000 USD
CY2014Q3 us-gaap Land Available For Development
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301048000 USD
CY2015Q1 us-gaap Land Available For Development
LandAvailableForDevelopment
270518000 USD
CY2014Q3 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
3857000 USD
CY2015Q1 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
0 USD
CY2014Q3 us-gaap Liabilities
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1787102000 USD
CY2015Q1 us-gaap Liabilities
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1773451000 USD
CY2014Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2066220000 USD
CY2015Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2032253000 USD
CY2015Q1 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
3200000 USD
CY2015Q1 us-gaap Line Of Credit
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26600000 USD
CY2015Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
123400000 USD
CY2014Q3 us-gaap Long Term Debt
LongTermDebt
1535433000 USD
CY2015Q1 us-gaap Long Term Debt
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1535172000 USD
CY2014Q3 us-gaap Loss Contingency Accrual At Carrying Value
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13400000 USD
CY2015Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
8400000 USD
CY2015Q1 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
800000 USD
us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
24900000 USD
CY2015Q1 us-gaap Loss Contingency Range Of Possible Loss Maximum
LossContingencyRangeOfPossibleLossMaximum
48000000 USD
CY2014Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
0 USD
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
0 USD
CY2015Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
1070000 USD
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
1276000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5166000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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-9812000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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-11621000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
34835000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-188052000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-202916000 USD
CY2014Q1 us-gaap Net Income Loss
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-7971000 USD
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-13109000 USD
CY2015Q1 us-gaap Net Income Loss
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-1996000 USD
us-gaap Net Income Loss
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us-gaap Number Of Operating Segments
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3 segment
CY2015Q1 us-gaap Number Of States In Which Entity Operates
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15 state
CY2014Q1 us-gaap Operating Income Loss
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5617000 USD
us-gaap Operating Income Loss
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17149000 USD
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6436000 USD
us-gaap Operating Income Loss
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-3054000 USD
CY2014Q3 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
36563000 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
35073000 USD
CY2014Q3 us-gaap Other Assets
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23460000 USD
CY2015Q1 us-gaap Other Assets
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18290000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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-7971000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-13109000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-926000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-23060000 USD
CY2014Q3 us-gaap Other Liabilities
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142516000 USD
CY2015Q1 us-gaap Other Liabilities
OtherLiabilities
137435000 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
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-13727000 USD
us-gaap Other Operating Activities Cash Flow Statement
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-239000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-124000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
26000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-29484000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-8473000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-17907000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
126000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
0 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
414000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
185000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
3193000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
1670000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6641000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7478000 USD
CY2014Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
24211000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-393000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-172000 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18673000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21153000 USD
CY2013Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
52562000 USD
CY2013Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
61836000 USD
CY2014Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
72256000 USD
CY2014Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
87619000 USD
CY2014Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
99868000 USD
CY2015Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
112476000 USD
CY2014Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
7379000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
14514000 USD
CY2015Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
9956000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
18243000 USD
CY2014Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
32458000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
64899000 USD
CY2015Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
30259000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
60542000 USD
CY2014Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
270021000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
563191000 USD
CY2015Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
299359000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
565123000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
4747000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
9514000 USD
CY2014Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
62941000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
43169000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-571257000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-595593000 USD
CY2014Q1 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
11096000 USD
us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
22917000 USD
CY2015Q1 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
11969000 USD
us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
22895000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1266000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2916000 USD
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
21772 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
9899 shares
CY2013Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11663000 USD
CY2013Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11911000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
12561000 USD
CY2014Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
16084000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
27227000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
28794000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1877000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4495000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
6587000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
11199000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
1480000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
3223000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
6524000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
20754000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1047000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2170000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1630000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3155000 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
279118000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
258802000 USD
CY2014Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
400000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
400000 USD
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25320000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25163000 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26480000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26469000 shares

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