2015 Q2 Form 10-Q Financial Statement

#000155279715000062 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $172.1M $236.3M
YoY Change -27.17% 2.69%
Cost Of Revenue $132.5M $196.6M
YoY Change -32.6% -5.48%
Gross Profit $39.64M $39.77M
YoY Change -0.32% 79.34%
Gross Profit Margin 23.03% 16.83%
Selling, General & Admin $2.982M $2.242M
YoY Change 33.01% 47.4%
% of Gross Profit 7.52% 5.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.700M $3.600M
YoY Change 30.56% 51.77%
% of Gross Profit 11.86% 9.05%
Operating Expenses $2.982M $2.242M
YoY Change 33.01% 47.4%
Operating Profit $21.14M $24.11M
YoY Change -12.33% 223.94%
Interest Expense $2.616M $2.342M
YoY Change 11.7% 211.44%
% of Operating Profit 12.38% 9.71%
Other Income/Expense, Net
YoY Change
Pretax Income $18.37M $21.77M
YoY Change -15.6% 225.35%
Income Tax $63.00K $281.0K
% Of Pretax Income 0.34% 1.29%
Net Earnings $18.31M $21.49M
YoY Change -14.78% 226.91%
Net Earnings / Revenue 10.64% 9.09%
Basic Earnings Per Share
Diluted Earnings Per Share $750.0K $884.8K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.0K $2.400M
YoY Change -95.83% -91.21%
Cash & Equivalents $124.0K $2.417M
Short-Term Investments
Other Short-Term Assets $485.0K $799.0K
YoY Change -39.3% 182.33%
Inventory $4.308M $24.83M
Prepaid Expenses
Receivables $39.12M $37.95M
Other Receivables $0.00 $0.00
Total Short-Term Assets $44.06M $66.01M
YoY Change -33.25% -18.69%
LONG-TERM ASSETS
Property, Plant & Equipment $255.2M $220.6M
YoY Change 15.71% 45.43%
Goodwill $11.65M $11.65M
YoY Change 0.0% 11.48%
Intangibles $15.94M $11.84M
YoY Change 34.63% -0.59%
Long-Term Investments $18.47M
YoY Change
Other Assets $6.621M $4.337M
YoY Change 52.66% 20.81%
Total Long-Term Assets $307.9M $248.4M
YoY Change 23.95% 39.85%
TOTAL ASSETS
Total Short-Term Assets $44.06M $66.01M
Total Long-Term Assets $307.9M $248.4M
Total Assets $352.0M $314.4M
YoY Change 11.94% 21.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.75M $39.73M
YoY Change -62.87% 25.37%
Accrued Expenses $9.500M $16.00M
YoY Change -40.63% 41.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.61M $58.33M
YoY Change -33.8% 29.16%
LONG-TERM LIABILITIES
Long-Term Debt $316.9M $239.0M
YoY Change 32.59% 165.56%
Other Long-Term Liabilities $8.610M $5.593M
YoY Change 53.94% -34.77%
Total Long-Term Liabilities $329.2M $248.2M
YoY Change 32.64% 147.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.61M $58.33M
Total Long-Term Liabilities $329.2M $248.2M
Total Liabilities $367.8M $306.5M
YoY Change 20.0% 111.03%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$15.80M $7.900M
YoY Change
Total Liabilities & Shareholders Equity $352.0M $314.4M
YoY Change 11.94% 21.49%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $18.31M $21.49M
YoY Change -14.78% 226.91%
Depreciation, Depletion And Amortization $4.700M $3.600M
YoY Change 30.56% 51.77%
Cash From Operating Activities $30.80M $31.00M
YoY Change -0.65% 118.31%
INVESTING ACTIVITIES
Capital Expenditures $5.962M $1.884M
YoY Change 216.45% -44.99%
Acquisitions
YoY Change
Other Investing Activities -$13.00M $0.00
YoY Change
Cash From Investing Activities -$18.90M -$1.900M
YoY Change 894.74% -44.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.80M -30.90M
YoY Change -61.81% 1136.0%
NET CHANGE
Cash From Operating Activities 30.80M 31.00M
Cash From Investing Activities -18.90M -1.900M
Cash From Financing Activities -11.80M -30.90M
Net Change In Cash 100.0K -1.800M
YoY Change -105.56% -121.69%
FREE CASH FLOW
Cash From Operating Activities $30.80M $31.00M
Capital Expenditures $5.962M $1.884M
Free Cash Flow $24.84M $29.12M
YoY Change -14.69% 170.22%

Facts In Submission

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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
32631000 USD
CY2014Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0 USD
CY2015Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-149000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-149000 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
281000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
428000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
63000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
317000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
18000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
18872000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
192000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
8975000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
11131000 USD
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-1083000 USD
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-8219000 USD
us-gaap Increase Decrease In Inventories And Other Operating Assets
IncreaseDecreaseInInventoriesAndOtherOperatingAssets
7779000 USD
us-gaap Increase Decrease In Inventories And Other Operating Assets
IncreaseDecreaseInInventoriesAndOtherOperatingAssets
-6291000 USD
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
649000 USD
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
-186000 USD
CY2014Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
16520000 USD
CY2015Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
15944000 USD
CY2014Q2 us-gaap Interest Expense
InterestExpense
2342000 USD
us-gaap Interest Expense
InterestExpense
4325000 USD
CY2015Q2 us-gaap Interest Expense
InterestExpense
2616000 USD
us-gaap Interest Expense
InterestExpense
4773000 USD
us-gaap Interest Paid
InterestPaid
3508000 USD
us-gaap Interest Paid
InterestPaid
3863000 USD
CY2014Q4 us-gaap Inventory Net
InventoryNet
10316000 USD
CY2015Q2 us-gaap Inventory Net
InventoryNet
4308000 USD
CY2014Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
200000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000 USD
CY2015Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
600000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
331286000 USD
CY2015Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
351996000 USD
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
30316000 USD
CY2015Q2 us-gaap Liabilities Current
LiabilitiesCurrent
38612000 USD
CY2014Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
261189000 USD
CY2015Q2 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
329186000 USD
CY2014Q2 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.020
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.020
CY2015Q2 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.020
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.020
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest
0.598
CY2014Q2 us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
11486000 USD
us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
21751000 USD
CY2015Q2 us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
13338000 USD
us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
26172000 USD
CY2014Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
251750000 USD
CY2015Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
316900000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-38755000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-20756000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4200000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-27541000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
44448000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
46560000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
21488000 USD
us-gaap Net Income Loss
NetIncomeLoss
35040000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
18311000 USD
us-gaap Net Income Loss
NetIncomeLoss
32314000 USD
CY2014Q2 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
620000 USD
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
914000 USD
CY2015Q2 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
1109000 USD
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
1996000 USD
CY2014Q2 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
21134000 USD
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
35512000 USD
CY2015Q2 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
17202000 USD
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
30955000 USD
CY2014Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
9719000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
19215000 USD
CY2015Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
10798000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
21575000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
24111000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
39793000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
21139000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
37553000 USD
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
768000 USD
CY2015Q2 us-gaap Other Assets Current
OtherAssetsCurrent
485000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7374000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6621000 USD
CY2015Q2 us-gaap Other Commitment
OtherCommitment
91.0 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1588000 USD
CY2015Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2330000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5889000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
8610000 USD
CY2014Q4 us-gaap Partners Capital
PartnersCapital
39781000 USD
CY2015Q2 us-gaap Partners Capital
PartnersCapital
-15802000 USD
us-gaap Partners Capital Account Contributions
PartnersCapitalAccountContributions
115000 USD
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
88655000 USD
us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
194000 USD
us-gaap Partners Capital Other
PartnersCapitalOther
31000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
400000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
14789000 USD
CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1884000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4200000 USD
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5962000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13535000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
22000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
31000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
283100000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
203514000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1183000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
308088000 USD
CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
317208000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
254779000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
255243000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
1334000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
208900000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
138364000 USD
CY2014Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
28893000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
54175000 USD
CY2015Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
39871000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
72151000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
236343000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
439870000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
172134000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
315646000 USD
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
207450000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
385695000 USD
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
132263000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
243495000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2242000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4905000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2982000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6391000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
121000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
194000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P5Y
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
5443000 USD
CY2015Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
7186000 USD
CY2014Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
9844000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
14042000 USD
CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
3943000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
4881000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts have been reclassified in order to conform to the current year presentation. These reclassifications had no effect on net income or shareholders' equity as previously reported.</font></div></div>
us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC 360, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Property, Plant &amp; Equipment</font><font style="font-family:inherit;font-size:10pt;">, we evaluate the realizability of property, plant and equipment as events occur that might indicate potential impairment.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </font></div></div>

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