2015 Q1 Form 10-Q Financial Statement

#000136495415000032 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q1
Revenue $84.87M $84.42M $74.39M
YoY Change 14.09% 9.47% 21.93%
Cost Of Revenue $65.49M $38.60M $65.49M
YoY Change 0.01% 2.66% 32.42%
Gross Profit $19.38M $45.79M $8.908M
YoY Change 117.55% 15.81% -22.95%
Gross Profit Margin 22.83% 54.25% 11.97%
Selling, General & Admin $33.17M $29.30M $24.87M
YoY Change 33.39% -12.8% 21.56%
% of Gross Profit 171.16% 63.98% 279.15%
Research & Development $16.14M $12.40M $11.32M
YoY Change 42.61% -1.59% 18.5%
% of Gross Profit 83.31% 27.08% 127.08%
Depreciation & Amortization $17.80M $19.30M $20.10M
YoY Change -11.42% -9.81% 22.03%
% of Gross Profit 91.85% 42.15% 225.58%
Operating Expenses $47.64M $41.70M $34.51M
YoY Change 38.06% -9.74% 24.44%
Operating Profit -$28.26M $4.094M -$25.60M
YoY Change 10.4% -161.49% 58.32%
Interest Expense -$100.0K -$100.0K $61.00K
YoY Change -263.93% -50.0% -94.8%
% of Operating Profit -2.44%
Other Income/Expense, Net $15.00K $100.0K $59.00K
YoY Change -74.58% -96.97% -104.01%
Pretax Income -$28.25M $2.700M -$25.54M
YoY Change 10.59% -150.94% 44.8%
Income Tax $294.0K $1.100M $217.0K
% Of Pretax Income 40.74%
Net Earnings -$28.54M $1.688M -$25.76M
YoY Change 10.8% -131.16% 44.51%
Net Earnings / Revenue -33.63% 2.0% -34.63%
Basic Earnings Per Share -$0.34 $0.02 -$0.31
Diluted Earnings Per Share -$0.34 $0.02 -$0.31
COMMON SHARES
Basic Shares Outstanding 84.79M shares 83.93M shares 82.18M shares
Diluted Shares Outstanding 84.79M shares 86.54M shares 82.18M shares

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.90M $89.50M $93.80M
YoY Change -15.88% -21.42% 209.57%
Cash & Equivalents $50.03M $56.12M $39.44M
Short-Term Investments $28.90M $33.30M $54.40M
Other Short-Term Assets $3.986M $3.864M $2.181M
YoY Change 82.76% 236.29% -53.6%
Inventory
Prepaid Expenses $8.611M $3.091M $3.025M
Receivables $10.67M $14.40M $9.345M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $102.2M $110.8M $108.4M
YoY Change -5.76% -10.86% 158.73%
LONG-TERM ASSETS
Property, Plant & Equipment $17.89M $18.37M $18.99M
YoY Change -5.8% -3.14% -82.86%
Goodwill $91.30M $91.30M $49.61M
YoY Change 84.06% 84.28%
Intangibles $12.07M $13.63M
YoY Change 311.54%
Long-Term Investments $0.00 $1.500M $36.70M
YoY Change -100.0% -93.83%
Other Assets $1.732M $1.804M $2.024M
YoY Change -14.43% -0.55% 34.93%
Total Long-Term Assets $207.6M $207.3M $224.4M
YoY Change -7.49% 2.09% 34.43%
TOTAL ASSETS
Total Short-Term Assets $102.2M $110.8M $108.4M
Total Long-Term Assets $207.6M $207.3M $224.4M
Total Assets $309.7M $318.1M $332.8M
YoY Change -6.92% -2.82% 59.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.846M $10.95M $3.742M
YoY Change 29.5% 168.39% 1.14%
Accrued Expenses $20.19M $31.18M $19.83M
YoY Change 1.82% 46.61% 17.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $70.00M $66.72M $75.68M
YoY Change -7.51% 38.56% -21.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.285M $4.365M $5.153M
YoY Change -16.84% -12.33% 9.64%
Total Long-Term Liabilities $4.285M $4.365M $5.153M
YoY Change -16.84% -12.33% 9.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.00M $66.72M $75.68M
Total Long-Term Liabilities $4.285M $4.365M $5.153M
Total Liabilities $74.29M $71.08M $80.84M
YoY Change -8.1% 33.79% -20.04%
SHAREHOLDERS EQUITY
Retained Earnings -$298.4M -$269.9M -$230.9M
YoY Change 29.25% 31.57%
Common Stock $533.8M $516.9M $482.8M
YoY Change 10.57% 7.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $235.4M $247.0M $251.9M
YoY Change
Total Liabilities & Shareholders Equity $309.7M $318.1M $332.8M
YoY Change -6.92% -2.82% 59.37%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q1
OPERATING ACTIVITIES
Net Income -$28.54M $1.688M -$25.76M
YoY Change 10.8% -131.16% 44.51%
Depreciation, Depletion And Amortization $17.80M $19.30M $20.10M
YoY Change -11.42% -9.81% 22.03%
Cash From Operating Activities $6.700M $500.0K $29.14M
YoY Change -77.01% -105.95% -1.48%
INVESTING ACTIVITIES
Capital Expenditures $1.486M -$14.60M $1.285M
YoY Change 15.64% -8.18% -16.77%
Acquisitions $0.00 $500.0K
YoY Change -100.0%
Other Investing Activities $17.90M $17.10M -$19.00M
YoY Change -194.21% -130.48% -232.87%
Cash From Investing Activities -$12.80M $2.500M -$63.20M
YoY Change -79.75% -103.47% 204.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -100.0K -3.365M
YoY Change -100.0% -100.07% -918.73%
NET CHANGE
Cash From Operating Activities 6.700M 500.0K 29.14M
Cash From Investing Activities -12.80M 2.500M -63.20M
Cash From Financing Activities 0.000 -100.0K -3.365M
Net Change In Cash -6.100M 2.900M -37.42M
YoY Change -83.7% -95.24% -503.97%
FREE CASH FLOW
Cash From Operating Activities $6.700M $500.0K $29.14M
Capital Expenditures $1.486M -$14.60M $1.285M
Free Cash Flow $5.214M $15.10M $27.86M
YoY Change -81.28% 101.33% -0.63%

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CY2015Q1 us-gaap Other Assets Current
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CY2015Q1 us-gaap Other Assets Noncurrent
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22000 USD
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23000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
22000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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7000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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2035000 USD
CY2015Q1 us-gaap Other Depreciation And Amortization
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3172000 USD
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4365000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
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4285000 USD
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OtherNonoperatingIncomeExpense
120000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
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76000 USD
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4391000 USD
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500000 USD
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0 USD
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0.001
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0 shares
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0 shares
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0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
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0 shares
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0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
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3091000 USD
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13100000 USD
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12140000 USD
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18369000 USD
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PropertyPlantAndEquipmentNet
17892000 USD
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-41000 USD
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11320000 USD
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0 USD
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2514000 USD
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CY2015Q1 us-gaap Share Based Compensation
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CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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8.53
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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8.64
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6.90
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.72
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M10D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M07D
CY2014Q4 us-gaap Short Term Investments
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235441000 USD
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82181000 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
84794000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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78000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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0 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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82259000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84794000 shares
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States (U.S. GAAP) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities; the disclosure of contingent liabilities at the date of the financial statements; and the reported amounts of revenue and expenses during the reporting periods. Significant estimates, assumptions and judgments are used for, but not limited to: revenue recognition, recoverability of accounts receivable, determination of the useful lives and salvage value related to our textbook library, restructuring charges, share-based compensation expense including estimated forfeitures, accounting for income taxes, useful lives assigned to long-lived assets for depreciation and amortization, impairment of goodwill and long-lived assets, and the valuation of acquired intangible assets. We base our estimates on historical experience, knowledge of current business conditions and various other factors we believe to be reasonable under the circumstances. These estimates are based on management&#8217;s knowledge about current events and expectations about actions we may undertake in the future. Actual results could differ from these estimates, and such differences could be material to our financial position and results of operations.</font></div></div>

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