$CVLG
COVENANT LOGISTICS GROUP, INC.

2015 Q3 Form 10-Q Financial Statement

#000100888615000241 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $173.5M $177.6M
YoY Change -2.29% 3.97%
Cost Of Revenue $58.10M $68.70M
YoY Change -15.43% -5.5%
Gross Profit $115.4M $108.9M
YoY Change 5.97% 11.01%
Gross Profit Margin 66.51% 61.32%
Selling, General & Admin $86.10M $93.30M
YoY Change -7.72% 14.2%
% of Gross Profit 74.61% 85.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.70M $11.40M
YoY Change 28.95% 6.54%
% of Gross Profit 12.74% 10.47%
Operating Expenses $158.9M $172.0M
YoY Change -7.62% 86.34%
Operating Profit $14.63M $5.586M
YoY Change 161.89% -5.03%
Interest Expense -$1.000M -$1.800M
YoY Change -44.44% 50.0%
% of Operating Profit -6.84% -32.22%
Other Income/Expense, Net -$2.041M -$2.634M
YoY Change -22.51%
Pretax Income $13.59M $3.832M
YoY Change 254.59% -16.7%
Income Tax $5.961M $1.975M
% Of Pretax Income 43.87% 51.54%
Net Earnings $7.627M $1.857M
YoY Change 310.72% -5.88%
Net Earnings / Revenue 4.4% 1.05%
Basic Earnings Per Share $0.42 $0.12
Diluted Earnings Per Share $0.42 $0.12
COMMON SHARES
Basic Shares Outstanding 18.12M 14.96M
Diluted Shares Outstanding 18.32M 15.15M

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.00M $17.20M
YoY Change -18.6% 63.81%
Cash & Equivalents $14.02M $17.23M
Short-Term Investments
Other Short-Term Assets $20.10M $16.80M
YoY Change 19.64% -21.5%
Inventory $4.200M $4.500M
Prepaid Expenses $9.852M
Receivables $74.29M $78.80M
Other Receivables $5.900M $7.300M
Total Short-Term Assets $118.4M $124.6M
YoY Change -4.98% 5.5%
LONG-TERM ASSETS
Property, Plant & Equipment $456.9M $331.7M
YoY Change 37.73% 12.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.90M
YoY Change
Other Assets $20.10M $13.90M
YoY Change 44.58% 18.8%
Total Long-Term Assets $476.9M $345.6M
YoY Change 38.01% 12.65%
TOTAL ASSETS
Total Short-Term Assets $118.4M $124.6M
Total Long-Term Assets $476.9M $345.6M
Total Assets $595.3M $470.2M
YoY Change 26.61% 10.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.263M $9.600M
YoY Change -3.51% -19.33%
Accrued Expenses $28.36M $47.00M
YoY Change -39.65% 6.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $32.47M $41.70M
YoY Change -22.13% -12.58%
Total Short-Term Liabilities $104.7M $98.30M
YoY Change 6.47% -9.73%
LONG-TERM LIABILITIES
Long-Term Debt $189.0M $181.5M
YoY Change 4.11% 21.49%
Other Long-Term Liabilities $13.12M $26.50M
YoY Change -50.5% 75.5%
Total Long-Term Liabilities $202.1M $208.0M
YoY Change -2.85% 26.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.7M $98.30M
Total Long-Term Liabilities $202.1M $208.0M
Total Liabilities $401.3M $367.7M
YoY Change 9.13% 11.8%
SHAREHOLDERS EQUITY
Retained Earnings $69.72M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.994M
YoY Change
Treasury Stock Shares $216.4K
Shareholders Equity $194.1M $102.5M
YoY Change
Total Liabilities & Shareholders Equity $595.3M $470.2M
YoY Change 26.61% 10.66%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $7.627M $1.857M
YoY Change 310.72% -5.88%
Depreciation, Depletion And Amortization $14.70M $11.40M
YoY Change 28.95% 6.54%
Cash From Operating Activities $21.70M $23.50M
YoY Change -7.66% 49.68%
INVESTING ACTIVITIES
Capital Expenditures -$108.5M -$34.00M
YoY Change 219.12% -9.81%
Acquisitions
YoY Change
Other Investing Activities $9.500M $20.70M
YoY Change -54.11% 65.6%
Cash From Investing Activities -$99.00M -$13.40M
YoY Change 638.81% -46.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 67.60M -12.20M
YoY Change -654.1% -211.93%
NET CHANGE
Cash From Operating Activities 21.70M 23.50M
Cash From Investing Activities -99.00M -13.40M
Cash From Financing Activities 67.60M -12.20M
Net Change In Cash -9.700M -2.100M
YoY Change 361.9% -250.0%
FREE CASH FLOW
Cash From Operating Activities $21.70M $23.50M
Capital Expenditures -$108.5M -$34.00M
Free Cash Flow $130.2M $57.50M
YoY Change 126.43% 7.68%

Facts In Submission

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-5962000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
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CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
171995000
us-gaap Operating Expenses
OperatingExpenses
472732000
us-gaap Operating Expenses
OperatingExpenses
497197000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
14629000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
5586000
us-gaap Operating Income Loss
OperatingIncomeLoss
43446000
CY2015Q3 us-gaap Liabilities Current
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104659000
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
104087000
CY2015Q3 us-gaap Line Of Credit
LineOfCredit
0
CY2015Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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95000000
CY2015Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
61600000
CY2015Q3 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.0025
CY2015Q3 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.00375
CY2015Q3 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.0025
CY2015Q3 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
CY2014Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
CY2015Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
199830000
CY2014Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
172903000
CY2015Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
36617000
CY2014Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
29430000
CY2015Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
32473000
CY2014Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
27824000
CY2015Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
188964000
CY2014Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
159531000
CY2015Q2 us-gaap Loss Contingency Range Of Possible Loss Maximum
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20000000
CY2015Q3 us-gaap Maintenance Costs
MaintenanceCosts
12728000
CY2014Q3 us-gaap Maintenance Costs
MaintenanceCosts
11934000
us-gaap Maintenance Costs
MaintenanceCosts
35666000
us-gaap Maintenance Costs
MaintenanceCosts
35498000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
28639000
us-gaap Operating Income Loss
OperatingIncomeLoss
14995000
CY2015Q3 us-gaap Operating Insurance And Claims Costs Production
OperatingInsuranceAndClaimsCostsProduction
6682000
CY2014Q3 us-gaap Operating Insurance And Claims Costs Production
OperatingInsuranceAndClaimsCostsProduction
15545000
us-gaap Operating Insurance And Claims Costs Production
OperatingInsuranceAndClaimsCostsProduction
21727000
us-gaap Operating Insurance And Claims Costs Production
OperatingInsuranceAndClaimsCostsProduction
29229000
CY2015Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
20097000
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
14763000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1209000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-4921000
us-gaap Reimbursement Revenue
ReimbursementRevenue
106442000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1286000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5840000
us-gaap Reimbursement Revenue
ReimbursementRevenue
67175000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-3265000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1209000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-3212000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-7573000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-3752000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-7853000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-3334000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
4700000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
2339000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
4874000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
2078000
CY2015Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
2060000
CY2014Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3950000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
9993000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
12289000
CY2015Q3 us-gaap Other Inventory Supplies
OtherInventorySupplies
4152000
CY2014Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
4402000
CY2015Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
14418000
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
7999000
CY2015Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
13118000
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
10933000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4994000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
226000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
49000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1786000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
174000
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
-307000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
145611000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
93416000
CY2015Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
9852000
CY2014Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
9028000
CY2015Q3 us-gaap Price Risk Cash Flow Hedge Gain Or Loss Reclassified To Earnings Net
PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet
2652000
CY2014Q3 us-gaap Price Risk Cash Flow Hedge Gain Or Loss Reclassified To Earnings Net
PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet
487000
us-gaap Price Risk Cash Flow Hedge Gain Or Loss Reclassified To Earnings Net
PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet
6644000
us-gaap Price Risk Cash Flow Hedge Gain Or Loss Reclassified To Earnings Net
PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet
122000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
93419000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
64565000
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
-2918000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-6983000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
31104000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
69159000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1092000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
152000
CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
598358000
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
505345000
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
456851000
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
382491000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
196000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
536000
CY2015Q3 us-gaap Reimbursement Revenue
ReimbursementRevenue
19990000
CY2014Q3 us-gaap Reimbursement Revenue
ReimbursementRevenue
35664000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15145000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18346000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
59337000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
65570000
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
69720000
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
40865000
CY2015Q3 us-gaap Revenues
Revenues
173512000
CY2014Q3 us-gaap Revenues
Revenues
177581000
us-gaap Revenues
Revenues
516178000
us-gaap Revenues
Revenues
512192000
us-gaap Share Based Compensation
ShareBasedCompensation
936000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1550000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
731557
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1586000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1092000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
169204000
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
194055000
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
194055000
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
169204000
CY2015Q3 us-gaap Trade Receivables Held For Sale Net Not Part Of Disposal Group
TradeReceivablesHeldForSaleNetNotPartOfDisposalGroup
14900000
CY2015Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
216372
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
CY2015Q3 us-gaap Treasury Stock Value
TreasuryStockValue
4994000
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4994000
us-gaap Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
1290000
us-gaap Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
-525000
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1600000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18320000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15166000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18119000
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14959000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18175000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14935000

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