2014 Q2 Form 10-Q Financial Statement

#000119312514300922 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q2
Revenue $2.911B $3.789B $2.818B
YoY Change 3.3% 19.0% 1.7%
Cost Of Revenue $934.0M $1.363B $886.0M
YoY Change 5.42% 42.42% 12.01%
Gross Profit $1.977B $2.426B $1.932B
YoY Change 2.33% 8.89% -2.42%
Gross Profit Margin 67.91% 64.03% 68.56%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $265.0M $261.0M $255.0M
YoY Change 3.92% 3.98% 8.05%
% of Gross Profit 13.4% 10.76% 13.2%
Operating Expenses $2.501B $3.104B $2.432B
YoY Change 2.84% 16.78% 5.92%
Operating Profit $455.0M $685.0M $386.0M
YoY Change 17.88% 30.23% -18.74%
Interest Expense -$132.0M -$133.0M -$138.0M
YoY Change -4.35% -4.32% -6.12%
% of Operating Profit -29.01% -19.42% -35.75%
Other Income/Expense, Net $9.000M $10.00M $2.000M
YoY Change 350.0% 400.0% -200.0%
Pretax Income $314.0M $559.0M $237.0M
YoY Change 32.49% 124.5% -25.94%
Income Tax $102.0M $198.0M $65.00M
% Of Pretax Income 32.48% 35.42% 27.43%
Net Earnings $212.0M $361.0M $172.0M
YoY Change 23.26% 88.02% -19.63%
Net Earnings / Revenue 7.28% 9.53% 6.1%
Basic Earnings Per Share $0.73 $1.23 $0.59
Diluted Earnings Per Share $0.72 $1.23 $0.59
COMMON SHARES
Basic Shares Outstanding 292.9M shares 292.9M shares 292.9M shares
Diluted Shares Outstanding 294.0M shares 294.1M shares 294.3M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $782.0M $105.0M $1.152B
YoY Change -32.12% -83.59% -16.58%
Cash & Equivalents $774.0M $102.0M $747.0M
Short-Term Investments $8.000M $3.000M $405.0M
Other Short-Term Assets $224.0M $265.0M $164.0M
YoY Change 36.59% 64.6% -23.72%
Inventory $322.0M $303.0M $321.0M
Prepaid Expenses $146.0M $489.0M $119.0M
Receivables $1.221B $1.566B $1.211B
Other Receivables $239.0M $210.0M $310.0M
Total Short-Term Assets $3.457B $3.484B $4.103B
YoY Change -15.74% -11.44% 0.02%
LONG-TERM ASSETS
Property, Plant & Equipment $28.75B $28.68B $27.54B
YoY Change 4.4% 5.13% 7.03%
Goodwill $429.0M $429.0M $429.0M
YoY Change 0.0% 0.0% 0.0%
Intangibles $3.000M $4.000M $4.000M
YoY Change -25.0% 100.0% 33.33%
Long-Term Investments $693.0M $547.0M $313.0M
YoY Change 121.41% 55.84% -30.6%
Other Assets $193.0M $253.0M $227.0M
YoY Change -14.98% 0.0% -9.92%
Total Long-Term Assets $36.85B $37.00B $37.82B
YoY Change -2.55% -2.13% 5.21%
TOTAL ASSETS
Total Short-Term Assets $3.457B $3.484B $4.103B
Total Long-Term Assets $36.85B $37.00B $37.82B
Total Assets $40.31B $40.48B $41.92B
YoY Change -3.84% -3.01% 4.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $967.0M $1.079B $997.0M
YoY Change -3.01% 1.31% 22.63%
Accrued Expenses $292.0M $307.0M $370.0M
YoY Change -21.08% -26.9% 37.04%
Deferred Revenue
YoY Change
Short-Term Debt $1.531B $830.0M $1.400B
YoY Change 9.36% -18.71% 75.0%
Long-Term Debt Due $45.00M $285.0M $483.0M
YoY Change -90.68% -29.63% -60.76%
Total Short-Term Liabilities $3.839B $3.576B $4.504B
YoY Change -14.76% -15.72% 2.83%
LONG-TERM LIABILITIES
Long-Term Debt $11.08B $11.34B $10.49B
YoY Change 5.62% 7.43% 6.65%
Other Long-Term Liabilities $4.427B $4.576B $117.0M
YoY Change 3683.76% 3560.8% -1.68%
Total Long-Term Liabilities $12.93B $13.14B $5.315B
YoY Change 143.33% 141.61% -1.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.839B $3.576B $4.504B
Total Long-Term Liabilities $12.93B $13.14B $5.315B
Total Liabilities $16.77B $16.72B $9.819B
YoY Change 70.81% 72.66% 0.39%
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 $12.46B $12.43B $11.88B
YoY Change
Total Liabilities & Shareholders Equity $40.31B $40.48B $41.92B
YoY Change -3.84% -3.01% 4.68%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q2
OPERATING ACTIVITIES
Net Income $212.0M $361.0M $172.0M
YoY Change 23.26% 88.02% -19.63%
Depreciation, Depletion And Amortization $265.0M $261.0M $255.0M
YoY Change 3.92% 3.98% 8.05%
Cash From Operating Activities $1.033B $224.0M $949.0M
YoY Change 8.85% -366.67% 12.31%
INVESTING ACTIVITIES
Capital Expenditures -$654.0M $61.00M -$616.0M
YoY Change 6.17% -32.97% 4.05%
Acquisitions
YoY Change
Other Investing Activities $55.00M -$36.00M $67.00M
YoY Change -17.91% 176.92% -391.3%
Cash From Investing Activities -$599.0M -$634.0M -$549.0M
YoY Change 9.11% -4.37% -10.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000M
YoY Change -50.0%
Debt Paid & Issued, Net $200.0M
YoY Change -60.71%
Cash From Financing Activities 238.0M -162.0M 215.0M
YoY Change 10.7% -133.4% -43.72%
NET CHANGE
Cash From Operating Activities 1.033B 224.0M 949.0M
Cash From Investing Activities -599.0M -634.0M -549.0M
Cash From Financing Activities 238.0M -162.0M 215.0M
Net Change In Cash 672.0M -572.0M 615.0M
YoY Change 9.27% 118.32% 0.49%
FREE CASH FLOW
Cash From Operating Activities $1.033B $224.0M $949.0M
Capital Expenditures -$654.0M $61.00M -$616.0M
Free Cash Flow $1.687B $163.0M $1.565B
YoY Change 7.8% -193.14% 8.91%

Facts In Submission

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CONSOLIDATED EDISON INC
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 15px"><font style="FONT-FAMILY: ARIAL" size="2"><b>Reclassifications and Revisions</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 2px"><font style="FONT-FAMILY: Times New Roman" size="2">Prior period amounts have been reclassified where necessary to conform to the current period presentation.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px"><font style="FONT-FAMILY: Times New Roman" size="2">Con Edison&#x2019;s consolidated statement of cash flows for the six months ended June&#xA0;30, 2013, incorrectly reduced net cash flows from financing activities and increased net cash flows from operating activities by an amount equal to the $108 million of net cash proceeds from the termination of the 1999 LILO transaction (see Note I). A revision was made on Con Edison&#x2019;s consolidated statement of cash flows for the six months ended June&#xA0;30, 2013. The company does not deem this revision material to its consolidated financial statements for the six months ended June&#xA0;30, 2013.</font></p> </div>
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On March 12, 2014, two multi-use five-story tall buildings located on Park Avenue between 116th and 117th Street in Manhattan were destroyed by an explosion and fire. CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue. Eight people died and more than 48 people were injured. Additional buildings were also damaged.
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