2017 Q2 Form 10-Q Financial Statement

#000163156917000033 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $8.930M $6.196M
YoY Change 44.13% 641.15%
Cost Of Revenue $2.140M $1.230M
YoY Change 73.98% 778.57%
Gross Profit $6.790M $4.970M
YoY Change 36.62% 610.0%
Gross Profit Margin 76.04% 80.21%
Selling, General & Admin $840.0K $930.0K
YoY Change -9.68% -41.88%
% of Gross Profit 12.37% 18.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.390M $3.280M
YoY Change 33.84% 446.67%
% of Gross Profit 64.65% 66.0%
Operating Expenses $7.256M $5.485M
YoY Change 32.29% 136.63%
Operating Profit -$466.0K -$515.0K
YoY Change -9.51% -68.17%
Interest Expense $1.209M $222.0K
YoY Change 444.59% 441.46%
% of Operating Profit
Other Income/Expense, Net -$1.208M -$203.0K
YoY Change 495.07% 651.85%
Pretax Income $470.0K $510.0K
YoY Change -7.84% -133.77%
Income Tax
% Of Pretax Income
Net Earnings $466.0K $508.0K
YoY Change -8.27% -133.66%
Net Earnings / Revenue 5.22% 8.2%
Basic Earnings Per Share $0.04 $0.04
Diluted Earnings Per Share $0.04 $0.04
COMMON SHARES
Basic Shares Outstanding 12.69M shares 12.04M shares
Diluted Shares Outstanding 12.82M shares 12.06M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $800.0K $10.90M
YoY Change -92.66% -72.47%
Cash & Equivalents $831.0K $10.92M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $800.0K $10.90M
YoY Change -92.66% -72.47%
LONG-TERM ASSETS
Property, Plant & Equipment $292.2M $182.7M
YoY Change 59.93% 109.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $308.5M $196.7M
YoY Change 56.8% 123.03%
TOTAL ASSETS
Total Short-Term Assets $800.0K $10.90M
Total Long-Term Assets $308.5M $196.7M
Total Assets $309.3M $207.6M
YoY Change 48.96% 62.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.100M $2.500M
YoY Change 24.0% 127.27%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.100M $2.500M
YoY Change 24.0% 127.27%
LONG-TERM LIABILITIES
Long-Term Debt $117.3M $0.00
YoY Change
Other Long-Term Liabilities $3.500M $3.600M
YoY Change -2.78% 414.29%
Total Long-Term Liabilities $120.8M $3.600M
YoY Change 3255.56% 414.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.100M $2.500M
Total Long-Term Liabilities $120.8M $3.600M
Total Liabilities $123.8M $6.146M
YoY Change 1914.99% 241.44%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $215.1M $214.0M
YoY Change 0.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $185.4M $201.5M
YoY Change
Total Liabilities & Shareholders Equity $309.3M $207.6M
YoY Change 48.96% 62.45%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $466.0K $508.0K
YoY Change -8.27% -133.66%
Depreciation, Depletion And Amortization $4.390M $3.280M
YoY Change 33.84% 446.67%
Cash From Operating Activities $4.250M $4.350M
YoY Change -2.3% -1991.3%
INVESTING ACTIVITIES
Capital Expenditures -$36.09M -$21.22M
YoY Change 70.08% -75.57%
Acquisitions
YoY Change
Other Investing Activities $150.0K $0.00
YoY Change
Cash From Investing Activities -$35.94M -$21.23M
YoY Change 69.29% -75.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.47M 26.22M
YoY Change 16.21% -79.3%
NET CHANGE
Cash From Operating Activities 4.250M 4.350M
Cash From Investing Activities -35.94M -21.23M
Cash From Financing Activities 30.47M 26.22M
Net Change In Cash -1.220M 9.340M
YoY Change -113.06% -76.38%
FREE CASH FLOW
Cash From Operating Activities $4.250M $4.350M
Capital Expenditures -$36.09M -$21.22M
Free Cash Flow $40.34M $25.57M
YoY Change 57.76% -70.48%

Facts In Submission

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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-156000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-162000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-440000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-598000 USD
CY2016Q4 us-gaap Other Liabilities
OtherLiabilities
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CY2017Q2 us-gaap Other Liabilities
OtherLiabilities
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CY2017Q2 us-gaap Payment For Contingent Consideration Liability Financing Activities
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400000 USD
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
0 USD
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
393000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
706000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
306000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
784000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
7814000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
679000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
us-gaap Payments To Acquire Businesses Gross
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65165000 USD
us-gaap Payments To Acquire Notes Receivable
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12406000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
0 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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18404000 USD
CY2017Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
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26610000 USD
us-gaap Payments To Acquire Real Estate
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46233000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
65165000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Real Estate Investment Property At Cost
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252736000 USD
CY2017Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
318794000 USD
CY2016Q4 us-gaap Real Estate Investment Property Net
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234332000 USD
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Provision For Doubtful Accounts
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CY2017Q2 us-gaap Provision For Doubtful Accounts
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0 USD
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8930000 USD
us-gaap Real Estate Revenue Net
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16937000 USD
us-gaap Share Based Compensation
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262000 USD
us-gaap Share Based Compensation
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653000 USD
us-gaap Proceeds From Collection Of Notes Receivable
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0 USD
us-gaap Proceeds From Collection Of Notes Receivable
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294000 USD
us-gaap Provision For Doubtful Accounts
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67000 USD
us-gaap Proceeds From Issuance Of Common Stock
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86804000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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60000000 USD
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us-gaap Proceeds From Repayments Of Lines Of Credit
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7000000 USD
CY2016Q2 us-gaap Provision For Doubtful Accounts
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30000 USD
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us-gaap Stock Issued During Period Shares New Issues
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us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
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CY2016Q4 us-gaap Stockholders Equity
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CY2017Q2 us-gaap Stockholders Equity
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185414000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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194007000 USD
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185414000 USD
us-gaap Straight Line Rent
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234000 USD
us-gaap Straight Line Rent
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544000 USD
CY2016Q2 us-gaap Tenant Reimbursements
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1105000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
2062000 USD
CY2017Q2 us-gaap Tenant Reimbursements
TenantReimbursements
1334000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
2462000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9834050 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12815605 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12840730 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Issued Basic
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12249676 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
9973110 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
13108974 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
13099382 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12038381 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9774782 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12686183 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12686183 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
211295 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
198328 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
422791 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
413199 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentration of Credit Risks</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our credit risks primarily relate to cash and cash equivalents, our mortgage note receivable and our interest rate swaps, which are discussed below. Cash and cash equivalents are primarily held in bank accounts and overnight investments. We maintain our bank deposit accounts with large financial institutions in amounts that often exceed federally-insured limits. We have not experienced any losses in such accounts.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates in the Condensed Consolidated Financial Statements</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may materially differ from those estimates.</font></div></div>

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