2015 Q3 Form 10-Q Financial Statement

#000136495415000150 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $81.29M $81.53M
YoY Change -0.3% 32.39%
Cost Of Revenue $61.72M $68.28M
YoY Change -9.61% 16.92%
Gross Profit $19.57M $13.25M
YoY Change 47.66% 319.07%
Gross Profit Margin 24.07% 16.25%
Selling, General & Admin $28.27M $34.44M
YoY Change -17.91% 68.0%
% of Gross Profit 144.49% 259.9%
Research & Development $15.66M $13.49M
YoY Change 16.12% 34.9%
% of Gross Profit 80.06% 101.8%
Depreciation & Amortization $12.10M $19.30M
YoY Change -37.31% 13.53%
% of Gross Profit 61.84% 145.65%
Operating Expenses $43.37M $45.89M
YoY Change -5.49% 50.44%
Operating Profit -$23.80M -$32.63M
YoY Change -27.06% 19.37%
Interest Expense -$100.0K -$100.0K
YoY Change 0.0% -92.31%
% of Operating Profit
Other Income/Expense, Net $24.00K $474.0K
YoY Change -94.94% -116.93%
Pretax Income -$23.78M -$32.16M
YoY Change -26.06% 10.52%
Income Tax $389.0K $281.0K
% Of Pretax Income
Net Earnings -$24.17M -$32.44M
YoY Change -25.5% 10.89%
Net Earnings / Revenue -29.73% -39.79%
Basic Earnings Per Share -$0.28 -$0.39
Diluted Earnings Per Share -$0.28 -$0.39
COMMON SHARES
Basic Shares Outstanding 87.71M shares 83.69M shares
Diluted Shares Outstanding 87.71M shares 83.69M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.3M $83.20M
YoY Change 22.96% 423.27%
Cash & Equivalents $80.94M $53.19M
Short-Term Investments $21.40M $30.00M
Other Short-Term Assets $33.83M $12.10M
YoY Change 179.62% 236.11%
Inventory
Prepaid Expenses $5.786M
Receivables $9.323M $15.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $151.2M $111.0M
YoY Change 36.26% 297.85%
LONG-TERM ASSETS
Property, Plant & Equipment $18.54M $123.5M
YoY Change -84.99% -14.06%
Goodwill $91.30M
YoY Change
Intangibles $9.511M
YoY Change
Long-Term Investments $2.900M $14.10M
YoY Change -79.43%
Other Assets $3.882M $1.800M
YoY Change 115.67% -65.38%
Total Long-Term Assets $170.8M $237.1M
YoY Change -27.96% 17.73%
TOTAL ASSETS
Total Short-Term Assets $151.2M $111.0M
Total Long-Term Assets $170.8M $237.1M
Total Assets $322.1M $348.1M
YoY Change -7.48% 51.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.98M $6.100M
YoY Change 96.43% -51.2%
Accrued Expenses $39.67M $29.60M
YoY Change 34.03% 33.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $97.74M $108.1M
YoY Change -9.59% -7.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $4.300M $5.300M
YoY Change -18.87% 10.42%
Total Long-Term Liabilities $4.261M $5.300M
YoY Change -19.6% -79.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.74M $108.1M
Total Long-Term Liabilities $4.261M $5.300M
Total Liabilities $102.0M $113.4M
YoY Change -10.05% -21.3%
SHAREHOLDERS EQUITY
Retained Earnings -$332.7M
YoY Change
Common Stock $552.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $220.1M $234.7M
YoY Change
Total Liabilities & Shareholders Equity $322.1M $348.1M
YoY Change -7.48% 51.81%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$24.17M -$32.44M
YoY Change -25.5% 10.89%
Depreciation, Depletion And Amortization $12.10M $19.30M
YoY Change -37.31% 13.53%
Cash From Operating Activities $31.20M $45.40M
YoY Change -31.28% -8.47%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M -$48.00M
YoY Change -94.38% -29.72%
Acquisitions
YoY Change
Other Investing Activities $17.30M $25.00M
YoY Change -30.8% 117.39%
Cash From Investing Activities $14.70M -$23.10M
YoY Change -163.64% -59.26%
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 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 31.20M 45.40M
Cash From Investing Activities 14.70M -23.10M
Cash From Financing Activities 0.000 0.000
Net Change In Cash 45.90M 22.30M
YoY Change 105.83% -491.23%
FREE CASH FLOW
Cash From Operating Activities $31.20M $45.40M
Capital Expenditures -$2.700M -$48.00M
Free Cash Flow $33.90M $93.40M
YoY Change -63.7% -20.78%

Facts In Submission

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OperatingLeasesRentExpenseNet
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OperatingLeasesRentExpenseNet
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OperatingLeasesRentExpenseNet
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7823000 USD
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9180000 USD
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OtherNoncashIncomeExpense
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OtherNonoperatingIncomeExpense
541000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
817000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
85000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
217000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3774000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
8080000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
43872000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
2019000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
63872000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
19975000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3807000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5884000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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PreferredStockSharesAuthorized
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PreferredStockSharesIssued
0 shares
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PreferredStockSharesIssued
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PreferredStockSharesOutstanding
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CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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PreferredStockValue
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ProceedsFromSaleAndMaturityOfMarketableSecurities
350000 USD
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us-gaap Research And Development Expense
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36999000 USD
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ResearchAndDevelopmentExpense
15664000 USD
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ResearchAndDevelopmentExpense
45076000 USD
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RestructuringCharges
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RestructuringCharges
0 USD
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RestructuringCharges
342000 USD
us-gaap Restructuring Charges
RestructuringCharges
3320000 USD
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RetainedEarningsAccumulatedDeficit
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CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
19201000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
33128000 USD
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
25225000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
46019000 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
81532000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
220417000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
81286000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
233219000 USD
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
23408000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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SalesRevenueServicesNet
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23453000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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16211000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Share Based Compensation
ShareBasedCompensation
27205000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
31784000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
860706 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
165456 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M9D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.71
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.45
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
9.96
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0 shares
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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7.65
CY2015Q3 us-gaap Short Term Investments
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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StockholdersEquity
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WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
86419000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
16000 shares
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
47000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87706000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86419000 shares
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 assigned 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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