2015 Q1 Form 10-Q Financial Statement

#000136425015000016 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $154.8M $148.9M
YoY Change 3.99% 2.35%
Cost Of Revenue $50.00M $48.50M
YoY Change 3.09% 4.75%
Gross Profit $104.8M $100.4M
YoY Change 4.38% 1.31%
Gross Profit Margin 67.7% 67.44%
Selling, General & Admin $7.400M $6.800M
YoY Change 8.82% -4.23%
% of Gross Profit 7.06% 6.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $49.80M $50.20M
YoY Change -0.8% 9.13%
% of Gross Profit 47.52% 50.0%
Operating Expenses $107.2M $105.5M
YoY Change 1.63% 6.1%
Operating Profit $47.60M $43.38M
YoY Change 9.72% -5.74%
Interest Expense $33.64M $31.84M
YoY Change 5.66% -3.03%
% of Operating Profit 70.68% 73.4%
Other Income/Expense, Net $1.572M $1.453M
YoY Change 8.19% 254.39%
Pretax Income $22.10M $15.50M
YoY Change 42.58% 6.16%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $18.70M $12.98M
YoY Change 44.1% 7.4%
Net Earnings / Revenue 12.08% 8.72%
Basic Earnings Per Share $0.13 $0.09
Diluted Earnings Per Share $0.12 $0.09
COMMON SHARES
Basic Shares Outstanding 145.3M shares 143.1M shares
Diluted Shares Outstanding 149.8M shares 146.9M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.60M $12.40M
YoY Change 33.87% -95.76%
Cash & Equivalents $16.64M $12.42M
Short-Term Investments
Other Short-Term Assets $5.200M $4.800M
YoY Change 8.33% 50.0%
Inventory
Prepaid Expenses
Receivables $1.800M $1.800M
Other Receivables $77.20M $72.70M
Total Short-Term Assets $100.8M $91.70M
YoY Change 9.92% -74.69%
LONG-TERM ASSETS
Property, Plant & Equipment $5.718B $5.487B
YoY Change 4.21% 0.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $168.9M $180.3M
YoY Change -6.32% 14.71%
Other Assets $15.00M $16.80M
YoY Change -10.71% -34.88%
Total Long-Term Assets $5.912B $5.720B
YoY Change 3.36% 1.32%
TOTAL ASSETS
Total Short-Term Assets $100.8M $91.70M
Total Long-Term Assets $5.912B $5.720B
Total Assets $6.013B $5.811B
YoY Change 3.46% -3.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.70M $9.200M
YoY Change 255.43% -70.61%
Accrued Expenses $9.900M $32.20M
YoY Change -69.25% 228.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $109.7M $105.7M
YoY Change 3.78% 4.34%
LONG-TERM LIABILITIES
Long-Term Debt $3.504B $3.221B
YoY Change 8.78% -3.89%
Other Long-Term Liabilities $94.50M $135.6M
YoY Change -30.31% -21.44%
Total Long-Term Liabilities $3.598B $3.356B
YoY Change 7.2% -4.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.7M $105.7M
Total Long-Term Liabilities $3.598B $3.356B
Total Liabilities $3.708B $3.462B
YoY Change 7.1% -4.5%
SHAREHOLDERS EQUITY
Retained Earnings -$718.6M -$650.1M
YoY Change 10.54% 10.61%
Common Stock $2.693B $2.666B
YoY Change 1.04% 0.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.945B $1.969B
YoY Change
Total Liabilities & Shareholders Equity $6.013B $5.811B
YoY Change 3.46% -3.27%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $18.70M $12.98M
YoY Change 44.1% 7.4%
Depreciation, Depletion And Amortization $49.80M $50.20M
YoY Change -0.8% 9.13%
Cash From Operating Activities $72.93M $73.44M
YoY Change -0.69% 2.14%
INVESTING ACTIVITIES
Capital Expenditures -$111.1M -$21.00M
YoY Change 429.05% -14.29%
Acquisitions
YoY Change
Other Investing Activities $3.400M -$23.80M
YoY Change -114.29% 244.93%
Cash From Investing Activities -$107.7M -$44.73M
YoY Change 140.85% 42.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $32.62M -$60.49M
YoY Change -153.93% -50.04%
NET CHANGE
Cash From Operating Activities $72.93M $73.44M
Cash From Investing Activities -$107.7M -$44.73M
Cash From Financing Activities $32.62M -$60.49M
Net Change In Cash -$2.184M -$31.79M
YoY Change -93.13% -60.55%
FREE CASH FLOW
Cash From Operating Activities $72.93M $73.44M
Capital Expenditures -$111.1M -$21.00M
Free Cash Flow $184.0M $94.44M
YoY Change 94.87% -2.03%

Facts In Submission

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2744000 USD
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2060000 USD
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CY2015Q1 us-gaap Proceeds From Issuance Of Secured Debt
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102400000 USD
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250000 USD
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0 USD
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CY2015Q1 us-gaap Provision For Doubtful Accounts
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CY2015Q1 us-gaap Stock Issued During Period Value Conversion Of Units
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CY2015Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2014Q4 us-gaap Stockholders Equity
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CY2015Q1 us-gaap Stockholders Equity
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2349490000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2305191000 USD
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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145327000 shares
CY2015Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued Accounting Literature</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standard Updates (ASUs).&#160;&#160;We consider the applicability and impact of all ASUs.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2014, the FASB issued ASU No. 2014-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">(Topics 205 and 360), </font><font style="font-family:inherit;font-size:10pt;">which provides guidance for reporting discontinued operations. The amendments in this ASU change the requirements for reporting discontinued operations in Subtopic 205-20, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Presentation of Financial Statements</font><font style="font-family:inherit;font-size:10pt;">. The ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014, which for us would be the first quarter of 2015. We adopted the ASU during the first quarter of 2015 and it did not have a material impact on our financial position or results of operations.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2015, the FASB issued ASU No. 2015-03, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Interest&#8212;Imputation of Interest (Subtopic 835-30), </font><font style="font-family:inherit;font-size:10pt;">which provides guidance on the presentation of debt issuance costs. To simplify the presentation of debt issuance costs, the amendments in this Update would require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt, consistent with the manner in which debt discounts or premiums would be presented. This ASU is the final version of Proposed ASU 2014-250-Interest-Imputation of Interest (Subtopic 835-30), which has been deleted. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which for us would be the first quarter of 2016, and early adoption is permitted. The ASU requires that the new presentation of debt issuance costs be applied on a retrospective basis. The change in presentation is required to be disclosed as a change in accounting principle. We do not expect the ASU to have a material impact on our financial position or results of operations.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The FASB has not issued any other ASUs during </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;"> that we expect to be applicable and have a material impact on our future financial position or results of operations.</font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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