2014 Q2 Form 10-Q Financial Statement

#000119312514300052 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $21.42M $16.76M
YoY Change 27.81% -2.61%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.050M $570.0K
YoY Change 84.21% 5.56%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.975M $2.932M
YoY Change 1.47% -25.45%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $7.848M $3.689M
YoY Change 112.74% -38.09%
Income Tax $2.231M $738.0K
% Of Pretax Income 28.43% 20.01%
Net Earnings $5.617M $2.951M
YoY Change 90.34% -31.94%
Net Earnings / Revenue 26.23% 17.61%
Basic Earnings Per Share $0.39 $0.24
Diluted Earnings Per Share $0.39 $0.24
COMMON SHARES
Basic Shares Outstanding 14.39M shares 12.45M shares
Diluted Shares Outstanding 14.39M shares 12.45M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $34.35M $24.79M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $32.76M $24.83M
YoY Change 31.91% 3.04%
Goodwill $27.19M $10.95M
YoY Change 148.44%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.157B $1.809B
YoY Change 19.19% 5.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.20M $10.80M
YoY Change 105.56% -53.45%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $9.800M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.20M $10.80M
YoY Change 105.56% -53.45%
LONG-TERM LIABILITIES
Long-Term Debt $20.60M $20.60M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $20.60M $20.60M
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.20M $10.80M
Total Long-Term Liabilities $20.60M $20.60M
Total Liabilities $1.979B $1.678B
YoY Change 17.93% 6.14%
SHAREHOLDERS EQUITY
Retained Earnings $103.1M $92.08M
YoY Change 11.94%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.671M $1.222M
YoY Change 36.74%
Treasury Stock Shares 101.5K shares 88.51K shares
Shareholders Equity $177.2M $131.0M
YoY Change
Total Liabilities & Shareholders Equity $2.157B $1.809B
YoY Change 19.19% 5.14%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $5.617M $2.951M
YoY Change 90.34% -31.94%
Depreciation, Depletion And Amortization $1.050M $570.0K
YoY Change 84.21% 5.56%
Cash From Operating Activities $7.260M $6.680M
YoY Change 8.68% 9.15%
INVESTING ACTIVITIES
Capital Expenditures -$570.0K -$910.0K
YoY Change -37.36% 65.45%
Acquisitions
YoY Change
Other Investing Activities -$19.09M -$43.83M
YoY Change -56.45% 22.4%
Cash From Investing Activities -$19.66M -$44.74M
YoY Change -56.06% 23.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.88M 24.36M
YoY Change -47.13% 0.41%
NET CHANGE
Cash From Operating Activities 7.260M 6.680M
Cash From Investing Activities -19.66M -44.74M
Cash From Financing Activities 12.88M 24.36M
Net Change In Cash 480.0K -13.70M
YoY Change -103.5% 129.1%
FREE CASH FLOW
Cash From Operating Activities $7.260M $6.680M
Capital Expenditures -$570.0K -$910.0K
Free Cash Flow $7.830M $7.590M
YoY Change 3.16% 13.79%

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17000
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48000
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OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax
3205000
CY2014Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
3115000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5592000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
5617000
CY2014Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
3350000
CY2014Q2 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
70000
CY2014Q2 us-gaap Asset Management Fees1
AssetManagementFees1
753000
CY2014Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-7000
CY2014Q2 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
138000
CY2014Q2 us-gaap Interest Expense
InterestExpense
2975000
CY2014Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
6443000
CY2014Q2 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
1501000
CY2014Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
75000
CY2014Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
344000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2231000
CY2014Q2 us-gaap Noninterest Expense
NoninterestExpense
12608000
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-61000
CY2014Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
0
CY2014Q2 us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
841000
CY2014Q2 us-gaap Occupancy Net
OccupancyNet
1760000
CY2014Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
454000
CY2014Q2 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
713000
CY2014Q2 us-gaap Other Noninterest Expense
OtherNoninterestExpense
1732000
CY2014Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAvailableforsaleSecurities
0
CY2014Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
0
CY2014Q2 us-gaap Advertising Expense
AdvertisingExpense
431000
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
138000
CY2014Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Before Reclassification Adjustments Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeReclassificationAdjustmentsTax
-1726000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
37000
CY2014Q2 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0
CY2014Q2 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
830000
CY2014Q2 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
18403000
CY2014Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
2077000
CY2014Q2 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
185000
CY2014Q2 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
16177000
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
90000
CY2014Q2 ccne Legal Professional And Examination Fees
LegalProfessionalAndExaminationFees
302000
CY2014Q2 ccne Net Earnings Allocated To Participating Securities
NetEarningsAllocatedToParticipatingSecurities
25000
CY2014Q2 ccne Average Participating Securities
AverageParticipatingSecurities
60000 shares
CY2014Q2 ccne Amortization Of Core Deposit Intangible
AmortizationOfCoreDepositIntangible
301000
CY2014Q2 ccne Other Comprehensive Income Loss Reclassification Adjustment On Derivatives Included In Earnings Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInEarningsTax
-33000
CY2014Q2 ccne Other Comprehensive Income Loss Reclassification Adjustment Included In Net Income Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentIncludedInNetIncomeTax
15000
CY2014Q2 ccne Merger Related Cost
MergerRelatedCost
0

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