2017 Q1 Form 10-Q Financial Statement

#000155279717000017 Filed on May 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1 2015 Q3
Revenue $129.5M $104.1M $165.1M
YoY Change 24.43% -27.49% -27.6%
Cost Of Revenue $92.59M $66.75M $124.4M
YoY Change 38.71% -38.42% -35.93%
Gross Profit $36.88M $37.30M $40.71M
YoY Change -1.13% 6.26% 20.07%
Gross Profit Margin 28.49% 35.85% 24.66%
Selling, General & Admin $2.848M $2.913M $2.703M
YoY Change -2.23% -14.55% 10.19%
% of Gross Profit 7.72% 7.81% 6.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.193M $4.996M $4.600M
YoY Change 3.94% 11.02% 21.05%
% of Gross Profit 14.08% 13.39% 11.3%
Operating Expenses $2.848M $2.913M $2.703M
YoY Change -2.23% -14.55% 10.19%
Operating Profit $18.47M $18.97M $21.85M
YoY Change -2.65% 15.6% 26.71%
Interest Expense $4.071M $3.199M $2.843M
YoY Change 27.26% 48.31% 27.72%
% of Operating Profit 22.04% 16.86% 13.01%
Other Income/Expense, Net
YoY Change
Pretax Income $14.65M $15.55M $18.71M
YoY Change -5.79% 9.04% 24.61%
Income Tax $51.00K $98.00K $109.0K
% Of Pretax Income 0.35% 0.63% 0.58%
Net Earnings $14.60M $15.45M $18.60M
YoY Change -5.52% 10.32% 25.36%
Net Earnings / Revenue 11.27% 14.85% 11.27%
Basic Earnings Per Share
Diluted Earnings Per Share $598.4K $631.1K $762.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q1 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $200.0K $0.00
YoY Change -100.0% -100.0%
Cash & Equivalents $33.00K $204.0K $204.0K
Short-Term Investments
Other Short-Term Assets $804.0K $717.0K $421.0K
YoY Change 12.13% 96.98% -39.86%
Inventory $6.328M $6.715M $5.018M
Prepaid Expenses
Receivables $23.81M $29.17M $37.09M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.98M $40.12M $42.56M
YoY Change -22.79% 5.66% -16.24%
LONG-TERM ASSETS
Property, Plant & Equipment $248.9M $250.7M $255.2M
YoY Change -0.72% -1.16% 16.99%
Goodwill $12.20M $12.20M $11.65M
YoY Change 0.0% 4.71% 0.0%
Intangibles $14.15M $15.22M $15.72M
YoY Change -6.99% -6.39% 35.7%
Long-Term Investments $103.0M $55.27M $30.46M
YoY Change 86.32% 818.38%
Other Assets $4.385M $5.666M $6.255M
YoY Change -22.61% -18.94% 55.44%
Total Long-Term Assets $382.6M $339.1M $319.2M
YoY Change 12.84% 15.1% 30.11%
TOTAL ASSETS
Total Short-Term Assets $30.98M $40.12M $42.56M
Total Long-Term Assets $382.6M $339.1M $319.2M
Total Assets $413.6M $379.2M $361.8M
YoY Change 9.07% 14.03% 22.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.12M $8.165M $12.44M
YoY Change 60.65% -42.57% -47.46%
Accrued Expenses $6.900M $6.800M $7.400M
YoY Change 1.47% -6.85% -41.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.40M $18.02M $34.33M
YoY Change 24.25% -31.16% -25.07%
LONG-TERM LIABILITIES
Long-Term Debt $392.0M $357.9M $325.2M
YoY Change 9.53% 13.12% 41.39%
Other Long-Term Liabilities $14.35M $10.68M $10.29M
YoY Change 34.34% 57.29% 90.09%
Total Long-Term Liabilities $410.2M $372.2M $339.1M
YoY Change 10.22% 13.81% 41.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.40M $18.02M $34.33M
Total Long-Term Liabilities $410.2M $372.2M $339.1M
Total Liabilities $432.6M $390.2M $373.5M
YoY Change 10.87% 10.48% 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 -$19.00M -$11.00M -$11.70M
YoY Change
Total Liabilities & Shareholders Equity $413.6M $379.2M $361.8M
YoY Change 9.07% 14.03% 22.16%

Cashflow Statement

Concept 2017 Q1 2016 Q1 2015 Q3
OPERATING ACTIVITIES
Net Income $14.60M $15.45M $18.60M
YoY Change -5.52% 10.32% 25.36%
Depreciation, Depletion And Amortization $5.193M $4.996M $4.600M
YoY Change 3.94% 11.02% 21.05%
Cash From Operating Activities $23.50M $26.40M $20.20M
YoY Change -10.98% 67.09% 1.0%
INVESTING ACTIVITIES
Capital Expenditures $3.764M $1.911M -$4.100M
YoY Change 96.96% -74.77% -595.77%
Acquisitions
YoY Change
Other Investing Activities -$1.700M -$14.60M -$12.30M
YoY Change -88.36% 1360.0%
Cash From Investing Activities -$5.400M -$16.60M -$16.40M
YoY Change -67.47% 93.02% 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 -18.10M -9.600M -3.900M
YoY Change 88.54% 6.67% -81.34%
NET CHANGE
Cash From Operating Activities 23.50M 26.40M 20.20M
Cash From Investing Activities -5.400M -16.60M -16.40M
Cash From Financing Activities -18.10M -9.600M -3.900M
Net Change In Cash 0.000 200.0K -100.0K
YoY Change -100.0% -111.11% -93.75%
FREE CASH FLOW
Cash From Operating Activities $23.50M $26.40M $20.20M
Capital Expenditures $3.764M $1.911M -$4.100M
Free Cash Flow $19.74M $24.49M $24.30M
YoY Change -19.41% 197.67% 26.74%

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CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
23474000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
15448000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
14595000 USD
CY2016Q1 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
2253000 USD
CY2017Q1 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
4109000 USD
CY2016Q1 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
13195000 USD
CY2017Q1 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
10486000 USD
CY2016Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
10464000 USD
CY2017Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
10358000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
18974000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
18472000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1071000 USD
CY2017Q1 us-gaap Other Assets Current
OtherAssetsCurrent
804000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4774000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4385000 USD
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2925000 USD
CY2017Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2315000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11730000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
14348000 USD
CY2016Q4 us-gaap Partners Capital
PartnersCapital
-13284000 USD
CY2017Q1 us-gaap Partners Capital
PartnersCapital
-18985000 USD
CY2017Q1 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
20537000 USD
CY2017Q1 us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
174000 USD
CY2016Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
24825109 shares
CY2017Q1 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
24825109 shares
CY2016Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
14819000 USD
CY2017Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
1650000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1911000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3764000 USD
CY2016Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
84400000 USD
CY2017Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
69100000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
175000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
342407000 USD
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
345172000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
251029000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
248909000 USD
CY2016Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
196000 USD
CY2017Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
280000 USD
CY2016Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
78100000 USD
CY2017Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
69700000 USD
CY2016Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
38760000 USD
CY2017Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
36619000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
104056000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
129473000 USD
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
65296000 USD
CY2017Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
92854000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2913000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2848000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
108000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
174000 USD
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
4841000 USD
CY2017Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
4535000 USD
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-1647000 USD
CY2017Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-6429000 USD
CY2017Q1 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>
CY2017Q1 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>

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