2015 Q4 Form 10-Q Financial Statement

#000103520115000006 Filed on October 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $138.4M $183.5M $191.2M
YoY Change 0.73% -4.03% 3.69%
Cost Of Revenue $37.80M $60.40M $67.00M
YoY Change -23.79% -9.85% -5.1%
Gross Profit $100.6M $123.1M $124.2M
YoY Change 14.58% -0.89% 9.14%
Gross Profit Margin 72.69% 67.08% 64.96%
Selling, General & Admin $28.00M $30.70M $23.80M
YoY Change 13.36% 28.99% -3.64%
% of Gross Profit 27.83% 24.94% 19.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.80M $15.70M $15.30M
YoY Change 6.76% 2.61% 2.0%
% of Gross Profit 15.71% 12.75% 12.32%
Operating Expenses $82.10M $75.60M $64.10M
YoY Change 22.35% 17.94% -4.04%
Operating Profit $14.96M $32.20M $40.83M
YoY Change -9.7% -21.14% 14.05%
Interest Expense -$7.400M -$6.700M -$7.000M
YoY Change 15.63% -4.29% -1.41%
% of Operating Profit -49.46% -20.81% -17.14%
Other Income/Expense, Net $1.200M -$378.0K -$234.0K
YoY Change -42.86% 61.54% -147.37%
Pretax Income $12.60M $40.20M $52.70M
YoY Change -23.17% -23.72% 29.8%
Income Tax $4.200M $15.00M $19.10M
% Of Pretax Income 33.33% 37.31% 36.24%
Net Earnings $8.477M $25.12M $33.65M
YoY Change -25.6% -25.35% 15.43%
Net Earnings / Revenue 6.13% 13.69% 17.6%
Basic Earnings Per Share $0.52 $0.70
Diluted Earnings Per Share $0.18 $0.52 $0.70
COMMON SHARES
Basic Shares Outstanding 47.88M shares 47.88M shares 47.80M shares
Diluted Shares Outstanding 47.89M shares 47.84M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.800M $50.80M $29.50M
YoY Change -55.1% 72.2% -39.55%
Cash & Equivalents $8.837M $50.83M $29.49M
Short-Term Investments
Other Short-Term Assets $14.24M $14.91M $20.40M
YoY Change -19.38% -26.92% 27.02%
Inventory $6.300M $6.100M $5.900M
Prepaid Expenses
Receivables $31.51M $41.57M $37.07M
Other Receivables $22.70M $23.20M $30.20M
Total Short-Term Assets $127.6M $191.1M $177.3M
YoY Change -17.22% 7.78% 3.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.702B $1.664B $1.561B
YoY Change 7.0% 6.59% 3.69%
Goodwill $2.615M $2.615M $2.615M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $47.40M $50.74M $51.03M
YoY Change 4.84% -0.56% 1.72%
Total Long-Term Assets $2.114B $2.115B $1.892B
YoY Change 3.96% 11.82% -1.1%
TOTAL ASSETS
Total Short-Term Assets $127.6M $191.1M $177.3M
Total Long-Term Assets $2.114B $2.115B $1.892B
Total Assets $2.241B $2.307B $2.069B
YoY Change 2.46% 11.48% -0.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.38M $77.26M $71.87M
YoY Change 11.76% 7.51% 18.96%
Accrued Expenses $39.60M $78.50M $68.40M
YoY Change -40.45% 14.77% -9.28%
Deferred Revenue
YoY Change
Short-Term Debt $33.62M $136.6M $61.72M
YoY Change -57.51% 121.36% 435.95%
Long-Term Debt Due $6.043M $6.565M $6.619M
YoY Change -8.54% -0.82% -86.21%
Total Short-Term Liabilities $147.9M $300.8M $215.4M
YoY Change -32.07% 39.62% 9.34%
LONG-TERM LIABILITIES
Long-Term Debt $508.0M $416.4M $422.8M
YoY Change 21.17% -1.5% -1.73%
Other Long-Term Liabilities $47.15M $712.0M $598.2M
YoY Change 0.68% 19.02% -13.03%
Total Long-Term Liabilities $555.2M $416.4M $1.021B
YoY Change 19.11% -59.21% 137.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $147.9M $300.8M $215.4M
Total Long-Term Liabilities $555.2M $416.4M $1.021B
Total Liabilities $703.1M $717.2M $1.447B
YoY Change 2.82% -50.43% 130.66%
SHAREHOLDERS EQUITY
Retained Earnings $308.5M $308.1M $292.0M
YoY Change 4.38% 5.52% 7.38%
Common Stock $333.6M $332.8M $330.3M
YoY Change 0.78% 0.74% 0.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $642.2M $640.9M $622.3M
YoY Change
Total Liabilities & Shareholders Equity $2.241B $2.307B $2.069B
YoY Change 2.46% 11.48% -0.69%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $8.477M $25.12M $33.65M
YoY Change -25.6% -25.35% 15.43%
Depreciation, Depletion And Amortization $15.80M $15.70M $15.30M
YoY Change 6.76% 2.61% 2.0%
Cash From Operating Activities $28.10M $68.20M $57.00M
YoY Change 0.72% 19.65% -12.44%
INVESTING ACTIVITIES
Capital Expenditures -$58.50M -$42.50M -$29.30M
YoY Change 28.01% 45.05% 2.45%
Acquisitions
YoY Change
Other Investing Activities $700.0K -$1.900M -$1.500M
YoY Change 600.0% 26.67% -6.25%
Cash From Investing Activities -$57.90M -$44.40M -$30.70M
YoY Change 26.7% 44.63% 1.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.20M 2.500M -26.60M
YoY Change -256.41% -109.4% 7.26%
NET CHANGE
Cash From Operating Activities 28.10M 68.20M 57.00M
Cash From Investing Activities -57.90M -44.40M -30.70M
Cash From Financing Activities -12.20M 2.500M -26.60M
Net Change In Cash -42.00M 26.30M -300.0K
YoY Change 320.0% -8866.67% -102.94%
FREE CASH FLOW
Cash From Operating Activities $28.10M $68.20M $57.00M
Capital Expenditures -$58.50M -$42.50M -$29.30M
Free Cash Flow $86.60M $110.7M $86.30M
YoY Change 17.66% 28.27% -7.9%

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33650000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
45344000 USD
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
25120000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
36540000 USD
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
16308000 USD
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
24856000 USD
CY2014Q4 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
14136000 USD
CY2015Q3 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
14369000 USD
CY2014Q4 us-gaap Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
0 USD
CY2015Q3 us-gaap Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
0 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
40834000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
65278000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
32201000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
56191000 USD
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
17659000 USD
CY2015Q3 us-gaap Other Assets Current
OtherAssetsCurrent
14910000 USD
CY2014Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
52465000 USD
CY2015Q3 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
53354000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
49850000 USD
CY2015Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
50739000 USD
CY2014Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
4812000 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
11184000 USD
CY2015Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
4454000 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
10201000 USD
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-234000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
588000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-378000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
208000 USD
CY2014Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
270865000 USD
CY2015Q3 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
276525000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1197000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
23295000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
24047000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
us-gaap Payments To Acquire Water And Waste Water Systems
PaymentsToAcquireWaterAndWasteWaterSystems
118309000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
3207000 USD
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
1855000 USD
us-gaap Payments To Acquire Water And Waste Water Systems
PaymentsToAcquireWaterAndWasteWaterSystems
86258000 USD
us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
8780000 USD
us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
10741000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
0 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
0 USD
us-gaap Proceeds From Dividends Received
ProceedsFromDividendsReceived
0 USD
us-gaap Proceeds From Dividends Received
ProceedsFromDividendsReceived
0 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
6000000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
50000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
99900000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
82500000 USD
CY2014Q4 us-gaap Public Utilities Inventory
PublicUtilitiesInventory
6041000 USD
CY2015Q3 us-gaap Public Utilities Inventory
PublicUtilitiesInventory
6087000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
752040000 USD
CY2015Q3 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
797264000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
1590431000 USD
CY2015Q3 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
1663565000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
2342471000 USD
CY2015Q3 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
2460829000 USD
CY2014Q4 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
23740000 USD
CY2015Q3 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
31276000 USD
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
116878000 USD
CY2014Q3 us-gaap Regulated Operating Revenue Water
RegulatedOperatingRevenueWater
191184000 USD
us-gaap Regulated Operating Revenue Water
RegulatedOperatingRevenueWater
460115000 USD
CY2015Q3 us-gaap Regulated Operating Revenue Water
RegulatedOperatingRevenueWater
183543000 USD
us-gaap Regulated Operating Revenue Water
RegulatedOperatingRevenueWater
449942000 USD
CY2014Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
53199000 USD
CY2015Q3 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
38112000 USD
CY2014Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
390331000 USD
CY2015Q3 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
398535000 USD
CY2014Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
6126000 USD
CY2015Q3 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
1870000 USD
CY2014Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
36447000 USD
CY2015Q3 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
36127000 USD
us-gaap Repayments Of Advances For Construction
RepaymentsOfAdvancesForConstruction
4858000 USD
us-gaap Repayments Of Advances For Construction
RepaymentsOfAdvancesForConstruction
5050000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4604000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2878000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
85000000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
25000000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
295590000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
308083000 USD
CY2014Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
79115000 USD
CY2015Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
136615000 USD
us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
1732000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
626626000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
640852000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7900000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8500000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1600000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1800000 USD
CY2014Q3 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
4409000 USD
us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
12163000 USD
CY2015Q3 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
3814000 USD
us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
10540000 USD
CY2014Q3 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
150350000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
394837000 USD
CY2015Q3 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
151342000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
393751000 USD
CY2014Q3 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
14648000 USD
us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
46788000 USD
CY2015Q3 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
15342000 USD
us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
46015000 USD
CY2014Q3 us-gaap Utilities Operating Expense Maintenance
UtilitiesOperatingExpenseMaintenance
4800000 USD
us-gaap Utilities Operating Expense Maintenance
UtilitiesOperatingExpenseMaintenance
14793000 USD
CY2015Q3 us-gaap Utilities Operating Expense Maintenance
UtilitiesOperatingExpenseMaintenance
5952000 USD
us-gaap Utilities Operating Expense Maintenance
UtilitiesOperatingExpenseMaintenance
15735000 USD
CY2014Q3 us-gaap Utilities Operating Expense Other
UtilitiesOperatingExpenseOther
15692000 USD
us-gaap Utilities Operating Expense Other
UtilitiesOperatingExpenseOther
48072000 USD
CY2015Q3 us-gaap Utilities Operating Expense Other
UtilitiesOperatingExpenseOther
17872000 USD
us-gaap Utilities Operating Expense Other
UtilitiesOperatingExpenseOther
51227000 USD
CY2014Q3 us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
66980000 USD
us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
174297000 USD
CY2015Q3 us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
60437000 USD
us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
158661000 USD
CY2014Q3 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
5232000 USD
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
15601000 USD
CY2015Q3 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
5709000 USD
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
16036000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47840000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47825000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47887000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47877000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47803000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47787000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47878000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47861000 shares

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