2012 Q4 Form 10-Q Financial Statement

#000110465912076614 Filed on November 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $99.10M $91.46M $72.08M
YoY Change 14.97% 26.88% 57.89%
Cost Of Revenue $78.00M $3.839M $3.901M
YoY Change 17.29% -1.59% 68.22%
Gross Profit $21.00M $87.62M $68.18M
YoY Change 6.6% 28.51% 57.33%
Gross Profit Margin 21.19% 95.8% 94.59%
Selling, General & Admin $34.70M $30.56M $20.14M
YoY Change 28.52% 51.72% 27.03%
% of Gross Profit 165.24% 34.87% 29.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.16M $9.047M $7.554M
YoY Change 26.84% 19.76% 37.17%
% of Gross Profit 48.38% 10.33% 11.08%
Operating Expenses $44.90M $30.56M $20.14M
YoY Change 28.29% 51.72% 27.03%
Operating Profit -$23.90M -$13.68M -$6.842M
YoY Change 56.21% 100.0% 406.44%
Interest Expense -$2.400M -$4.314M -$3.194M
YoY Change -44.19% 35.07% 4462.86%
% of Operating Profit
Other Income/Expense, Net -$300.0K $1.914M -$2.450M
YoY Change -127.27% -178.12% 692.88%
Pretax Income -$41.10M -$15.93M -$12.39M
YoY Change 120.97% 28.62% 658.08%
Income Tax $600.0K $277.0K -$960.0K
% Of Pretax Income
Net Earnings -$41.70M -$16.21M -$11.43M
YoY Change 99.52% 41.85% 493.92%
Net Earnings / Revenue -42.08% -17.72% -15.85%
Basic Earnings Per Share -$0.19 -$0.16
Diluted Earnings Per Share -$460.8K -$0.19 -$0.16
COMMON SHARES
Basic Shares Outstanding 87.55M shares 87.01M shares 70.36M shares
Diluted Shares Outstanding 87.01M shares 70.36M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.7M $178.7M $159.0M
YoY Change -45.97% 12.39% 393.79%
Cash & Equivalents $108.5M $149.1M $159.0M
Short-Term Investments $38.20M $29.70M
Other Short-Term Assets $24.40M $39.20M $18.00M
YoY Change -9.96% 117.78% 30.43%
Inventory $38.15M $37.34M $32.40M
Prepaid Expenses
Receivables $57.59M $65.99M $39.70M
Other Receivables $17.81M $24.17M $19.00M
Total Short-Term Assets $284.7M $345.4M $268.1M
YoY Change -30.53% 28.84% 149.63%
LONG-TERM ASSETS
Property, Plant & Equipment $428.2M $376.0M $246.5M
YoY Change 66.31% 52.54% 23.25%
Goodwill $75.87M $73.74M
YoY Change 2.88%
Intangibles $100.5M $97.87M
YoY Change -2.73%
Long-Term Investments $2.600M $17.10M $16.30M
YoY Change -84.24% 4.91% 45.54%
Other Assets $13.20M $46.90M $67.80M
YoY Change -75.91% -30.83%
Total Long-Term Assets $690.5M $626.7M $523.5M
YoY Change 32.48% 19.72% 30.35%
TOTAL ASSETS
Total Short-Term Assets $284.7M $345.4M $268.1M
Total Long-Term Assets $690.5M $626.7M $523.5M
Total Assets $975.2M $972.1M $791.6M
YoY Change 4.74% 22.81% 55.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.22M $38.13M $22.90M
YoY Change 6.95% 66.51% -33.82%
Accrued Expenses $30.79M $30.57M $29.20M
YoY Change 8.99% 4.67% 56.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $30.40M $34.10M $22.50M
YoY Change 32.75% 51.56% -23.21%
Total Short-Term Liabilities $113.9M $136.1M $93.18M
YoY Change 16.88% 46.01% -3.34%
LONG-TERM LIABILITIES
Long-Term Debt $300.6M $303.9M $265.7M
YoY Change 12.8% 14.38% 700.3%
Other Long-Term Liabilities $14.01M $17.77M $20.10M
YoY Change -38.23% -11.6% -47.38%
Total Long-Term Liabilities $14.01M $17.77M $285.8M
YoY Change -38.23% -93.78% 300.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $113.9M $136.1M $93.18M
Total Long-Term Liabilities $14.01M $17.77M $285.8M
Total Liabilities $428.6M $457.7M $379.0M
YoY Change 10.84% 20.77% 121.78%
SHAREHOLDERS EQUITY
Retained Earnings -$300.8M -$259.1M
YoY Change 50.74%
Common Stock $837.4M $771.1M
YoY Change 12.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $542.7M $510.5M $409.1M
YoY Change
Total Liabilities & Shareholders Equity $975.2M $972.1M $791.6M
YoY Change 4.74% 22.8% 55.52%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$41.70M -$16.21M -$11.43M
YoY Change 99.52% 41.85% 493.92%
Depreciation, Depletion And Amortization $10.16M $9.047M $7.554M
YoY Change 26.84% 19.76% 37.17%
Cash From Operating Activities -$840.0K -$710.0K -$15.89M
YoY Change -96.03% -95.53% -200.38%
INVESTING ACTIVITIES
Capital Expenditures -$60.05M -$56.93M -$12.28M
YoY Change 123.9% 363.6% -48.88%
Acquisitions
YoY Change
Other Investing Activities $22.62M -$18.47M -$47.25M
YoY Change -203.48% -60.91% 206.42%
Cash From Investing Activities -$37.44M -$75.41M -$59.52M
YoY Change -23.11% 26.7% 50.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.070M 52.65M 198.7M
YoY Change -101.38% -73.5% 220655.56%
NET CHANGE
Cash From Operating Activities -840.0K -710.0K -15.89M
Cash From Investing Activities -37.44M -75.41M -59.52M
Cash From Financing Activities -2.070M 52.65M 198.7M
Net Change In Cash -40.35M -23.47M 123.3M
YoY Change -150.15% -119.04% -624.33%
FREE CASH FLOW
Cash From Operating Activities -$840.0K -$710.0K -$15.89M
Capital Expenditures -$60.05M -$56.93M -$12.28M
Free Cash Flow $59.21M $56.22M -$3.610M
YoY Change 942.43% -1657.34% -109.06%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold" size="2">Note&#160;19&#8212;Recently Adopted Accounting Changes and Recently Issued Accounting Standards</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">&#160;</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">On January&#160;1, 2012, the Company adopted changes issued by the FASB to conform existing guidance regarding fair value measurement and disclosure between GAAP and International Financial Reporting Standards. These changes both clarify the FASB&#8217;s intent about the application of existing fair value measurement and disclosure requirements and amend certain principles or requirements for measuring fair value or for disclosing information about fair value measurements. The clarifying changes relate to the application of the highest and best use and valuation premise concepts, measuring the fair value of an instrument classified in a reporting entity&#8217;s shareholders&#8217; equity, and disclosure of quantitative information about unobservable inputs used for Level&#160;3 fair value measurements. The amendments relate to measuring the fair value of financial instruments that are managed within a portfolio, application of premiums and discounts in a fair value measurement, and additional disclosures concerning the valuation processes used and sensitivity of the fair value measurement to changes in unobservable inputs for those items categorized as Level&#160;3, a reporting entity&#8217;s use of a nonfinancial asset in a way that differs from the asset&#8217;s highest and best use, and the categorization by level in the fair value hierarchy for items required to be measured at fair value for disclosure purposes only. Other than the additional disclosure requirements (see note 18), the adoption of these changes had no impact on the Company&#8217;s condensed consolidated financial statements.</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">&#160;</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">On January&#160;1, 2012, the Company adopted changes issued by the FASB to the presentation of comprehensive income. These changes give an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The option to present components of other comprehensive income as part of the statement of changes in stockholders&#8217; equity was eliminated. The items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income were not changed. Additionally, no changes were made to the calculation and presentation of earnings per share. Management elected to present the two-statement option. Other than the change in presentation, the adoption of these changes had no impact on the Company&#8217;s condensed consolidated financial statements.</font></p></td></tr></table>
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CostOfGoodsSold
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CY2012Q3 us-gaap Cost Of Services
CostOfServices
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us-gaap Depreciation Depletion And Amortization
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us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Amortization Of Financing Costs
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability
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us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Margin Deposits Outstanding
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Payments To Acquire Available For Sale Securities
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24015000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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clne Business Acquisition Contingent Consideration Cash Payment
BusinessAcquisitionContingentConsiderationCashPayment
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CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2012Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Sales Revenue Goods Net
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clne Warrant Valuation
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us-gaap Selling General And Administrative Expense
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Interest Income Expense Nonoperating Net
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2011Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Provision For Doubtful Accounts
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Loans Receivable
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us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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559000 USD
us-gaap Proceeds From Lines Of Credit
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686000 USD
us-gaap Income Taxes Paid
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InterestPaidNet
9224000 USD
CY2011Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
931061000 USD

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