2013 Q4 Form 8-K Financial Statement

#000156768315000017 Filed on May 22, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $118.0M $126.0M $82.00M
YoY Change 180.95% 168.09% 95.24%
Cost Of Revenue $43.00M $44.00M $32.00M
YoY Change 38.71% 57.14% 23.08%
Gross Profit $83.00M $82.00M $50.00M
YoY Change 654.55% 331.58% 212.5%
Gross Profit Margin 70.34% 65.08% 60.98%
Selling, General & Admin $1.000M $2.000M
YoY Change -50.0% 0.0%
% of Gross Profit 1.22% 4.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.00M $18.00M $10.00M
YoY Change 266.67% 200.0% 66.67%
% of Gross Profit 26.51% 21.95% 20.0%
Operating Expenses $38.00M $44.00M $32.00M
YoY Change 375.0% 57.14% 300.0%
Operating Profit $54.00M $63.00M $38.00M
YoY Change 1700.0% 472.73% 375.0%
Interest Expense -$16.00M $21.00M $6.000M
YoY Change -1700.0% 320.0% -160.0%
% of Operating Profit -29.63% 33.33% 15.79%
Other Income/Expense, Net $2.000M -$9.000M -$3.000M
YoY Change 100.0% -1000.0%
Pretax Income $31.00M $54.00M $35.00M
YoY Change 520.0% 350.0% -1850.0%
Income Tax $3.000M $5.000M $0.00
% Of Pretax Income 9.68% 9.26% 0.0%
Net Earnings $37.00M $9.000M $33.00M
YoY Change 640.0% 125.0% -3400.0%
Net Earnings / Revenue 31.36% 7.14% 40.24%
Basic Earnings Per Share $0.17 $0.39
Diluted Earnings Per Share $347.8K $1.174M $2.652M
COMMON SHARES
Basic Shares Outstanding 23.00M shares 23.00M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.00M $121.0M $17.00M
YoY Change 168.18%
Cash & Equivalents $59.00M $121.0M $18.00M
Short-Term Investments
Other Short-Term Assets $95.00M $113.0M $86.00M
YoY Change 313.04%
Inventory $15.00M $9.000M $9.000M
Prepaid Expenses
Receivables $51.00M $55.00M $45.00M
Other Receivables $153.0M $110.0M $111.0M
Total Short-Term Assets $378.0M $408.0M $268.0M
YoY Change 366.67%
LONG-TERM ASSETS
Property, Plant & Equipment $2.291B $1.487B $1.492B
YoY Change 43.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $227.0M $251.0M $243.0M
YoY Change 3.18%
Other Assets $50.00M $26.00M $31.00M
YoY Change 138.1%
Total Long-Term Assets $569.0M $1.923B $1.806B
YoY Change -69.78%
TOTAL ASSETS
Total Short-Term Assets $378.0M $408.0M $268.0M
Total Long-Term Assets $569.0M $1.923B $1.806B
Total Assets $3.238B $2.331B $2.074B
YoY Change 64.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.00M $67.00M $52.00M
YoY Change -74.7%
Accrued Expenses $30.00M $30.00M $11.00M
YoY Change 87.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $214.0M $147.0M $126.0M
YoY Change 268.97%
Total Short-Term Liabilities $369.0M $267.0M $212.0M
YoY Change 29.47%
LONG-TERM LIABILITIES
Long-Term Debt $1.569B $1.020B $1.076B
YoY Change 109.48%
Other Long-Term Liabilities $32.00M $28.00M $56.00M
YoY Change 28.0%
Total Long-Term Liabilities $1.617B $1.073B $1.132B
YoY Change 92.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $369.0M $267.0M $212.0M
Total Long-Term Liabilities $1.617B $1.073B $1.132B
Total Liabilities $1.986B $1.340B $1.377B
YoY Change 76.69%
SHAREHOLDERS EQUITY
Retained Earnings $8.000M $9.000M
YoY Change
Common Stock $621.0M $571.0M $10.00
YoY Change 6209999900.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $629.0M $578.0M $697.0M
YoY Change
Total Liabilities & Shareholders Equity $3.238B $2.331B $2.074B
YoY Change 64.87%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income $37.00M $9.000M $33.00M
YoY Change 640.0% 125.0% -3400.0%
Depreciation, Depletion And Amortization $22.00M $18.00M $10.00M
YoY Change 266.67% 200.0% 66.67%
Cash From Operating Activities $30.00M $109.0M -$29.00M
YoY Change -21.05% -386.84% -145.31%
INVESTING ACTIVITIES
Capital Expenditures -$14.00M -$72.00M -$88.00M
YoY Change -86.92% -38.46% -29.03%
Acquisitions
YoY Change
Other Investing Activities -$83.00M -$35.00M -$41.00M
YoY Change 130.56% 3400.0% 925.0%
Cash From Investing Activities -$97.00M -$107.0M -$129.0M
YoY Change -32.17% -9.32% 0.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $468.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.000M 101.0M 153.0M
YoY Change -94.85% -36.48% 131.82%
NET CHANGE
Cash From Operating Activities 30.00M 109.0M -29.00M
Cash From Investing Activities -97.00M -107.0M -129.0M
Cash From Financing Activities 5.000M 101.0M 153.0M
Net Change In Cash -62.00M 103.0M -5.000M
YoY Change 675.0% 3333.33% -350.0%
FREE CASH FLOW
Cash From Operating Activities $30.00M $109.0M -$29.00M
Capital Expenditures -$14.00M -$72.00M -$88.00M
Free Cash Flow $44.00M $181.0M $59.00M
YoY Change -69.66% 129.11% -68.62%

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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2014 us-gaap Operating Income Loss
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35000000 USD
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CY2013Q4 us-gaap Property Plant And Equipment Gross
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CY2014Q4 us-gaap Property Plant And Equipment Gross
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CY2014Q4 us-gaap Property Plant And Equipment Net
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us-gaap Payments Of Capital Distribution
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CY2014 us-gaap Payments Of Capital Distribution
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84000000 USD
CY2012 us-gaap Payments Of Debt Issuance Costs
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5000000 USD
CY2014 us-gaap Payments Of Debt Issuance Costs
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36000000 USD
CY2012 us-gaap Payments Of Dividends
PaymentsOfDividends
0 USD
CY2013 us-gaap Payments Of Dividends
PaymentsOfDividends
15000000 USD
CY2014 us-gaap Payments Of Dividends
PaymentsOfDividends
101000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
15000000 USD
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
564000000 USD
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
353000000 USD
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33000000 USD
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2013Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2013Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
27000000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
21000000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
14000000 USD
CY2014 us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
16000000 USD
CY2013Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
468000000 USD
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2013 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
468000000 USD
CY2012 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
308000000 USD
CY2013 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
594000000 USD
CY2014 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
975000000 USD
us-gaap Profit Loss
ProfitLoss
54000000 USD
CY2012 us-gaap Profit Loss
ProfitLoss
12000000 USD
CY2013Q1 us-gaap Profit Loss
ProfitLoss
11000000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
35000000 USD
CY2013Q3 us-gaap Profit Loss
ProfitLoss
49000000 USD
us-gaap Profit Loss
ProfitLoss
132000000 USD
CY2013Q4 us-gaap Profit Loss
ProfitLoss
37000000 USD
CY2013 us-gaap Profit Loss
ProfitLoss
132000000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
26000000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
41000000 USD
CY2014Q3 us-gaap Profit Loss
ProfitLoss
40000000 USD
CY2014Q4 us-gaap Profit Loss
ProfitLoss
5000000 USD
CY2014 us-gaap Profit Loss
ProfitLoss
112000000 USD
CY2013Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
2459000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
4796000000 USD
CY2014Q4 us-gaap Purchase Obligation
PurchaseObligation
53000000 USD
CY2014Q4 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
15000000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
67000000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
45000000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
8000000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3000000 USD
CY2012 us-gaap Revenues
Revenues
175000000 USD
CY2013Q1 us-gaap Revenues
Revenues
53000000 USD
CY2013Q2 us-gaap Revenues
Revenues
82000000 USD
CY2013Q3 us-gaap Revenues
Revenues
126000000 USD
us-gaap Revenues
Revenues
379000000 USD
CY2013Q4 us-gaap Revenues
Revenues
118000000 USD
CY2013 us-gaap Revenues
Revenues
379000000 USD
CY2014Q1 us-gaap Revenues
Revenues
140000000 USD
CY2014Q2 us-gaap Revenues
Revenues
173000000 USD
CY2014Q3 us-gaap Revenues
Revenues
184000000 USD
CY2014Q4 us-gaap Revenues
Revenues
192000000 USD
CY2014 us-gaap Revenues
Revenues
689000000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
468000000 USD
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
630000000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
561000000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1002000000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1252000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1885000000 USD
CY2013Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
986000000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
38000000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
6000000 USD
CY2012 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-20000000 USD
CY2014 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-52000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2014Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
2000000 USD
CY2014Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
3000000 USD
CY2014Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
4000000 USD
CY2014Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
3000000 USD
CY2014Q4 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
26000000 USD
CY2012 us-gaap Utilities Operating Expense Purchased Power Under Long Term Contracts
UtilitiesOperatingExpensePurchasedPowerUnderLongTermContracts
30000000 USD
CY2013 us-gaap Utilities Operating Expense Purchased Power Under Long Term Contracts
UtilitiesOperatingExpensePurchasedPowerUnderLongTermContracts
40000000 USD
CY2014 us-gaap Utilities Operating Expense Purchased Power Under Long Term Contracts
UtilitiesOperatingExpensePurchasedPowerUnderLongTermContracts
55000000 USD
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentrations of Credit Risk</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable, notes receivable and derivative instruments. Accounts receivable, notes receivable, and derivative instruments are concentrated within entities engaged in the energy and financial industry. These industry concentrations may impact the overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. In addition, many of the Company's projects have only one customer. However, the Company believes that the credit risk posed by industry concentration is offset by the diversification and creditworthiness of its customer base. See </font><font style="font-family:inherit;font-size:10pt;">Note 6</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value of Financial Instruments</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">,</font><font style="font-family:inherit;font-size:10pt;"> for a further discussion of derivative concentrations and </font><font style="font-family:inherit;font-size:10pt;">Note 12</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Segment Reporting</font><font style="font-family:inherit;font-size:10pt;"> for concentration of counterparties.</font></div></div>
CY2014 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Guarantees</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company enters into various contracts that include indemnification and guarantee provisions as a routine part of its business activities. Examples of these contracts include EPC agreements, operation and maintenance agreements, service agreements, commercial sales arrangements and other types of contractual agreements with vendors and other third parties, as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters, as well as breaches of representations, warranties and covenants set forth in these agreements. Because many of the guarantees and indemnities the Company issues to third parties and affiliates do not limit the amount or duration of its obligations to perform under them, there exists a risk that the Company may have obligations in excess of the amounts agreed upon in the contracts mentioned above. For those guarantees and indemnities that do not limit the liability exposure, it may not be able to estimate what the liability would be, until a claim is made for payment or performance, due to the contingent nature of these contracts.</font></div></div>
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;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%;padding-bottom:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities as of the date of the financial statements. They also impact the reported amount of net earnings during the reporting period. Actual results could be different from these estimates.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions, uncollectible accounts, environmental liabilities, acquisition accounting and legal costs incurred in connection with recorded loss contingencies, among others. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.</font></div></div>

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