2016 Q3 Form 10-Q Financial Statement

#000155279716000180 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $107.5M $165.1M
YoY Change -34.9% -27.6%
Cost Of Revenue $73.53M $124.4M
YoY Change -40.89% -35.93%
Gross Profit $33.94M $40.71M
YoY Change -16.62% 20.07%
Gross Profit Margin 31.58% 24.66%
Selling, General & Admin $2.307M $2.703M
YoY Change -14.65% 10.19%
% of Gross Profit 6.8% 6.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.400M $4.600M
YoY Change 17.39% 21.05%
% of Gross Profit 15.91% 11.3%
Operating Expenses $2.307M $2.703M
YoY Change -14.65% 10.19%
Operating Profit $17.00M $21.85M
YoY Change -22.18% 26.71%
Interest Expense $3.409M $2.843M
YoY Change 19.91% 27.72%
% of Operating Profit 20.05% 13.01%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $13.28M $18.71M
YoY Change -29.0% 24.61%
Income Tax $133.0K $109.0K
% Of Pretax Income 1.0% 0.58%
Net Earnings $13.15M $18.60M
YoY Change -29.3% 25.36%
Net Earnings / Revenue 12.24% 11.27%
Basic Earnings Per Share
Diluted Earnings Per Share $541.0K $762.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00
YoY Change -100.0%
Cash & Equivalents $0.00 $204.0K
Short-Term Investments
Other Short-Term Assets $919.0K $421.0K
YoY Change 118.29% -39.86%
Inventory $7.264M $5.018M
Prepaid Expenses
Receivables $13.49M $37.09M
Other Receivables $0.00 $0.00
Total Short-Term Assets $21.68M $42.56M
YoY Change -49.07% -16.24%
LONG-TERM ASSETS
Property, Plant & Equipment $245.1M $255.2M
YoY Change -3.94% 16.99%
Goodwill $12.20M $11.65M
YoY Change 4.71% 0.0%
Intangibles $14.69M $15.72M
YoY Change -6.6% 35.7%
Long-Term Investments $94.64M $30.46M
YoY Change 210.71%
Other Assets $4.872M $6.255M
YoY Change -22.11% 55.44%
Total Long-Term Assets $371.5M $319.2M
YoY Change 16.37% 30.11%
TOTAL ASSETS
Total Short-Term Assets $21.68M $42.56M
Total Long-Term Assets $371.5M $319.2M
Total Assets $393.2M $361.8M
YoY Change 8.67% 22.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.664M $12.44M
YoY Change -30.34% -47.46%
Accrued Expenses $5.900M $7.400M
YoY Change -20.27% -41.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.89M $34.33M
YoY Change -50.81% -25.07%
LONG-TERM LIABILITIES
Long-Term Debt $375.0M $325.2M
YoY Change 15.31% 41.39%
Other Long-Term Liabilities $11.61M $10.29M
YoY Change 12.85% 90.09%
Total Long-Term Liabilities $390.3M $339.1M
YoY Change 15.09% 41.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.89M $34.33M
Total Long-Term Liabilities $390.3M $339.1M
Total Liabilities $407.2M $373.5M
YoY Change 9.03% 31.09%
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 -$14.00M -$11.70M
YoY Change
Total Liabilities & Shareholders Equity $393.2M $361.8M
YoY Change 8.67% 22.16%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $13.15M $18.60M
YoY Change -29.3% 25.36%
Depreciation, Depletion And Amortization $5.400M $4.600M
YoY Change 17.39% 21.05%
Cash From Operating Activities $29.20M $20.20M
YoY Change 44.55% 1.0%
INVESTING ACTIVITIES
Capital Expenditures -$2.600M -$4.100M
YoY Change -36.59% -595.77%
Acquisitions
YoY Change
Other Investing Activities -$21.60M -$12.30M
YoY Change 75.61%
Cash From Investing Activities -$24.30M -$16.40M
YoY Change 48.17% 2242.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.900M -3.900M
YoY Change 25.64% -81.34%
NET CHANGE
Cash From Operating Activities 29.20M 20.20M
Cash From Investing Activities -24.30M -16.40M
Cash From Financing Activities -4.900M -3.900M
Net Change In Cash -0.00000001304 -100.0K
YoY Change -100.0% -93.75%
FREE CASH FLOW
Cash From Operating Activities $29.20M $20.20M
Capital Expenditures -$2.600M -$4.100M
Free Cash Flow $31.80M $24.30M
YoY Change 30.86% 26.74%

Facts In Submission

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InterestPaid
8902000 USD
CY2015Q4 us-gaap Inventory Net
InventoryNet
10451000 USD
CY2016Q3 us-gaap Inventory Net
InventoryNet
7264000 USD
CY2015Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
300000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
900000 USD
CY2016Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
200000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
800000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
375288000 USD
CY2016Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
393170000 USD
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
20690000 USD
CY2016Q3 us-gaap Liabilities Current
LiabilitiesCurrent
16888000 USD
CY2015Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
365616000 USD
CY2016Q3 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
390313000 USD
CY2015Q3 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
CY2016Q3 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
0.597
CY2015Q3 us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
13822000 USD
us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
39994000 USD
CY2016Q3 us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
15920000 USD
us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
46039000 USD
CY2015Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
351600000 USD
CY2016Q3 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
375000000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-24745000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-26600000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-43878000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-60161000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
66762000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
86761000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
18602000 USD
us-gaap Net Income Loss
NetIncomeLoss
50916000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
13151000 USD
us-gaap Net Income Loss
NetIncomeLoss
47492000 USD
CY2015Q3 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
1383000 USD
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
3379000 USD
CY2016Q3 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
3259000 USD
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
8303000 USD
CY2015Q3 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
17219000 USD
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
48174000 USD
CY2016Q3 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
9892000 USD
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
39189000 USD
CY2015Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
11616000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
33191000 USD
CY2016Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
9251000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
28445000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
21847000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
59400000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
17001000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
58487000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1540000 USD
CY2016Q3 us-gaap Other Assets Current
OtherAssetsCurrent
919000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6037000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4872000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1694000 USD
CY2016Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3185000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
10510000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11608000 USD
CY2015Q4 us-gaap Partners Capital
PartnersCapital
-11018000 USD
CY2016Q3 us-gaap Partners Capital
PartnersCapital
-14031000 USD
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
51543000 USD
us-gaap Partners Capital Account Exchanges And Conversions
PartnersCapitalAccountExchangesAndConversions
0 USD
us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
414000 USD
CY2015Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
24772234 shares
CY2016Q3 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
24801007 shares
us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
0 shares
us-gaap Partners Capital Account Units Unitbased Compensation
PartnersCapitalAccountUnitsUnitbasedCompensation
28198 shares
us-gaap Partners Capital Other
PartnersCapitalOther
15000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
400000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
27069000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
54703000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17598000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5633000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
31000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
15000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
302064000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
229150000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1189000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
175000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
325647000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
331131000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
253848000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
245096000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
317000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
843000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
228664000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
205750000 USD
CY2015Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
41824000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
113975000 USD
CY2016Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
36360000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
111814000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
165092000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
480738000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
107470000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
323379000 USD
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
123268000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
366763000 USD
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
71110000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
211565000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2703000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2307000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7918000 USD
CY2016Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-6151000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
298000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
4871000 USD
CY2016Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
2763000 USD
CY2015Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
3466000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-6990000 USD
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:Arial Narrow;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>
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:Arial Narrow;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 partners' 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:Arial Narrow;font-size:10pt;">In accordance with ASC 360, </font><font style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Property, Plant &amp; Equipment</font><font style="font-family:Arial Narrow;font-size:10pt;">, we evaluate the realizability of property, plant and equipment as events occur that might indicate potential impairment.</font></div></div>

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