2017 Q1 Form 10-Q Financial Statement

#000144123617000004 Filed on May 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $437.5M $437.2M
YoY Change 0.07% 0.73%
Cost Of Revenue $387.1M $368.6M
YoY Change 4.99% -5.43%
Gross Profit $50.47M $68.56M
YoY Change -26.39% 55.13%
Gross Profit Margin 11.53% 15.68%
Selling, General & Admin $29.96M $30.80M
YoY Change -2.73% 5.87%
% of Gross Profit 59.36% 44.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.56M $21.15M
YoY Change 30.29% 0.68%
% of Gross Profit 54.61% 30.85%
Operating Expenses $29.96M $30.80M
YoY Change -2.73% 5.87%
Operating Profit $20.51M $37.76M
YoY Change -45.69% 147.83%
Interest Expense -$8.043M -$7.643M
YoY Change 5.23% -1.79%
% of Operating Profit -39.22% -20.24%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $12.52M $30.12M
YoY Change -58.45% 304.01%
Income Tax $5.000M $11.67M
% Of Pretax Income 39.95% 38.76%
Net Earnings $7.515M $18.45M
YoY Change -59.26% 220.41%
Net Earnings / Revenue 1.72% 4.22%
Basic Earnings Per Share $0.46 $1.05
Diluted Earnings Per Share $0.45 $1.05
COMMON SHARES
Basic Shares Outstanding 16.48M shares 17.53M shares
Diluted Shares Outstanding 16.64M shares 17.60M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.00M $2.200M
YoY Change 627.27% -94.61%
Cash & Equivalents $16.00M $2.228M
Short-Term Investments $0.00
Other Short-Term Assets $10.78M $9.376M
YoY Change 14.93% -72.34%
Inventory $240.7M $243.4M
Prepaid Expenses
Receivables $142.0M $134.9M
Other Receivables $4.100M $700.0K
Total Short-Term Assets $413.6M $392.8M
YoY Change 5.27% -18.04%
LONG-TERM ASSETS
Property, Plant & Equipment $959.5M $873.1M
YoY Change 9.9% 7.42%
Goodwill $244.3M $209.1M
YoY Change 16.83% 0.0%
Intangibles $38.59M $18.75M
YoY Change 105.76% -20.92%
Long-Term Investments
YoY Change
Other Assets $8.994M $4.329M
YoY Change 107.76% -56.2%
Total Long-Term Assets $1.251B $1.106B
YoY Change 13.11% 4.2%
TOTAL ASSETS
Total Short-Term Assets $413.6M $392.8M
Total Long-Term Assets $1.251B $1.106B
Total Assets $1.665B $1.499B
YoY Change 11.05% -2.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $133.5M $111.2M
YoY Change 20.05% -14.46%
Accrued Expenses $61.70M $75.80M
YoY Change -18.6% 10.82%
Deferred Revenue
YoY Change
Short-Term Debt $130.0M $6.000M
YoY Change 2066.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $340.4M $206.4M
YoY Change 64.93% -3.73%
LONG-TERM LIABILITIES
Long-Term Debt $569.9M $569.2M
YoY Change 0.13% -1.01%
Other Long-Term Liabilities $40.32M $43.78M
YoY Change -7.9% -21.05%
Total Long-Term Liabilities $610.3M $613.0M
YoY Change -0.44% -2.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $340.4M $206.4M
Total Long-Term Liabilities $610.3M $613.0M
Total Liabilities $1.191B $819.3M
YoY Change 45.4% -3.02%
SHAREHOLDERS EQUITY
Retained Earnings $577.4M $538.8M
YoY Change 7.17% 14.61%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $400.2M $357.6M
YoY Change 11.9% 33.88%
Treasury Stock Shares 7.821M shares 7.090M shares
Shareholders Equity $473.6M $467.7M
YoY Change
Total Liabilities & Shareholders Equity $1.665B $1.499B
YoY Change 11.05% -2.72%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $7.515M $18.45M
YoY Change -59.26% 220.41%
Depreciation, Depletion And Amortization $27.56M $21.15M
YoY Change 30.29% 0.68%
Cash From Operating Activities $45.54M $49.02M
YoY Change -7.11% 74.75%
INVESTING ACTIVITIES
Capital Expenditures $42.25M $30.96M
YoY Change 36.48% 22.64%
Acquisitions
YoY Change
Other Investing Activities -$368.0K $300.0K
YoY Change -222.67% -99.24%
Cash From Investing Activities -$41.88M -$30.71M
YoY Change 36.39% -315.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.875M $27.66M
YoY Change -82.38% -25.54%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$10.67M -$21.70M
YoY Change -50.85% -45.55%
NET CHANGE
Cash From Operating Activities $45.54M $49.02M
Cash From Investing Activities -$41.88M -$30.71M
Cash From Financing Activities -$10.67M -$21.70M
Net Change In Cash -$7.006M -$3.382M
YoY Change 107.16% -237.2%
FREE CASH FLOW
Cash From Operating Activities $45.54M $49.02M
Capital Expenditures $42.25M $30.96M
Free Cash Flow $3.291M $18.07M
YoY Change -81.78% 542.5%

Facts In Submission

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OtherAccruedLiabilitiesCurrent
9624000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
8682000 USD
CY2017Q1 us-gaap Other Assets Current
OtherAssetsCurrent
10776000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7751000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8994000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
400000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
400000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-257000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-230000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
166000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
151000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
655000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
401000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-1500000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-1000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-912000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-631000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
589000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
414000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
400000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
41776000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
40322000 USD
CY2016Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-408000 USD
CY2017Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
1699000 USD
CY2016Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
2392000 USD
CY2017Q1 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
2474000 USD
CY2016Q1 us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
0 USD
CY2017Q1 us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
0 USD
CY2016Q1 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-250000 USD
CY2017Q1 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
0 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
27661000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4875000 USD
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
43000 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
790000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30955000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
42247000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
473591000 USD
CY2016Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
7821000 USD
CY2017Q1 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
7821000 USD
CY2016Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
81812000 USD
CY2017Q1 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
80577000 USD
CY2016Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-1389000 USD
CY2017Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-788000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001000000
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001000000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0.00000 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0.00000 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
ProceedsAndExcessTaxBenefitFromSharebasedCompensation
1000000 USD
CY2016Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
10334000 USD
CY2017Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
5551000 USD
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
123287000 USD
CY2017Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
91000000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
CY2017Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
368000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
945328000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
959511000 USD
CY2016Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
147074000 USD
CY2017Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
141971000 USD
CY2016Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
125000000 USD
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
117282000 USD
CY2017Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
96000000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
569861000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
577376000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
437204000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
437525000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30795000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29937000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2172000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
17000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
66.85
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2937 shares
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
66.97
CY2017Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
134923 shares
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.890 Rate
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
0 USD
CY2017Q1 us-gaap Short Term Investments
ShortTermInvestments
0 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
7736255.000000 shares
CY2017Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
29800000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
469873000 USD
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
7821005.000000 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
395317000 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
400192000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17603132 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16642375 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17531703.000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16484069.000 shares
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:9px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">SIGNIFICANT ESTIMATES</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Significant areas requiring the use of estimates and measurement of uncertainty include determination of net realizable value for deferred tax assets, uncertain tax positions, assessment of impairment of long-lived assets, goodwill and intangibles, assessment of environmental matters, equity-based compensation and pension and postretirement obligation assumptions. Actual results could differ from those estimates and assumptions.</font></div></div>

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