2016 Q2 Form 10-Q Financial Statement

#000004960016000071 Filed on July 22, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $61.92M $57.84M
YoY Change 7.04% 7.48%
Cost Of Revenue $17.76M $16.05M
YoY Change 10.65% 2.69%
Gross Profit $44.16M $41.80M
YoY Change 5.65% 9.45%
Gross Profit Margin 71.32% 72.26%
Selling, General & Admin $3.020M $3.810M
YoY Change -20.73% 28.72%
% of Gross Profit 6.84% 9.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.23M $17.98M
YoY Change 6.95% 4.84%
% of Gross Profit 43.55% 43.02%
Operating Expenses $22.25M $21.79M
YoY Change 2.11% 8.35%
Operating Profit $21.90M $20.00M
YoY Change 9.51% 11.6%
Interest Expense $9.172M $8.483M
YoY Change 8.12% -4.66%
% of Operating Profit 41.88% 42.41%
Other Income/Expense, Net $380.0K $240.0K
YoY Change 58.33% 9.09%
Pretax Income $44.09M $14.66M
YoY Change 200.75% 58.66%
Income Tax
% Of Pretax Income
Net Earnings $44.09M $14.66M
YoY Change 200.71% 58.66%
Net Earnings / Revenue 71.21% 25.35%
Basic Earnings Per Share $1.36 $0.45
Diluted Earnings Per Share $1.35 $0.45
COMMON SHARES
Basic Shares Outstanding 32.38M shares 32.05M shares
Diluted Shares Outstanding 32.44M shares 32.14M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00
YoY Change
Cash & Equivalents $10.00K $13.00K
Short-Term Investments
Other Short-Term Assets $6.300M $5.900M
YoY Change 6.78% -32.18%
Inventory
Prepaid Expenses
Receivables $29.90M $27.90M
Other Receivables $4.900M $2.000M
Total Short-Term Assets $41.10M $35.80M
YoY Change 14.8% -2.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.546B $1.504B
YoY Change 2.79% 3.79%
Goodwill $990.0K $990.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $7.807M $8.090M
YoY Change -3.5% 185.66%
Other Assets $8.000M $0.00
YoY Change -100.0%
Total Long-Term Assets $1.614B $1.568B
YoY Change 2.94% 3.69%
TOTAL ASSETS
Total Short-Term Assets $41.10M $35.80M
Total Long-Term Assets $1.614B $1.568B
Total Assets $1.655B $1.603B
YoY Change 3.2% 3.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $21.30M $18.90M
YoY Change 12.7% 2.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $55.70M $48.30M
YoY Change 15.32% -15.41%
LONG-TERM LIABILITIES
Long-Term Debt $968.5M $974.0M
YoY Change -0.56% 4.06%
Other Long-Term Liabilities $23.20M $14.80M
YoY Change 56.76% 0.68%
Total Long-Term Liabilities $991.7M $988.8M
YoY Change 0.29% 4.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.70M $48.30M
Total Long-Term Liabilities $991.7M $988.8M
Total Liabilities $1.047B $1.037B
YoY Change 0.99% 2.9%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $918.0M $877.2M
YoY Change 4.66% 5.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $603.2M $562.0M
YoY Change
Total Liabilities & Shareholders Equity $1.655B $1.603B
YoY Change 3.2% 3.54%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $44.09M $14.66M
YoY Change 200.71% 58.66%
Depreciation, Depletion And Amortization $19.23M $17.98M
YoY Change 6.95% 4.84%
Cash From Operating Activities $45.70M $38.60M
YoY Change 18.39% 6.63%
INVESTING ACTIVITIES
Capital Expenditures -$26.00M -$39.00M
YoY Change -33.33% -52.61%
Acquisitions
YoY Change
Other Investing Activities $46.70M $4.900M
YoY Change 853.06% -23.44%
Cash From Investing Activities $20.60M -$34.10M
YoY Change -160.41% -55.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -66.40M -4.700M
YoY Change 1312.77% -112.43%
NET CHANGE
Cash From Operating Activities 45.70M 38.60M
Cash From Investing Activities 20.60M -34.10M
Cash From Financing Activities -66.40M -4.700M
Net Change In Cash -100.0K -200.0K
YoY Change -50.0% -89.47%
FREE CASH FLOW
Cash From Operating Activities $45.70M $38.60M
Capital Expenditures -$26.00M -$39.00M
Free Cash Flow $71.70M $77.60M
YoY Change -7.6% -34.51%

Facts In Submission

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CY2015Q4 us-gaap Investment Building And Building Improvements
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CY2015Q4 us-gaap Loans And Leases Receivable Consumer Real Estate
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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180000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
299000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24463000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
43913000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
65624000 USD
CY2015Q4 us-gaap Notes Payable To Bank
NotesPayableToBank
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CY2016Q2 us-gaap Notes Payable To Bank
NotesPayableToBank
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us-gaap Operating Income Loss
OperatingIncomeLoss
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OperatingIncomeLoss
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OtherComprehensiveIncomeLossNetOfTax
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CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
3122000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
587000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-3462000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-8859000 USD
CY2015Q4 us-gaap Other Liabilities
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30613000 USD
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37303000 USD
CY2015Q4 us-gaap Other Liabilities Current
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Other Operating Activities Cash Flow Statement
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185000 USD
CY2015Q2 us-gaap Other Operating Income
OtherOperatingIncome
17000 USD
us-gaap Other Operating Income
OtherOperatingIncome
34000 USD
CY2016Q2 us-gaap Other Operating Income
OtherOperatingIncome
35000 USD
us-gaap Other Operating Income
OtherOperatingIncome
56000 USD
CY2015Q2 us-gaap Other Operating Income Expense Net
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242000 USD
us-gaap Other Operating Income Expense Net
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609000 USD
CY2016Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
381000 USD
us-gaap Other Operating Income Expense Net
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649000 USD
us-gaap Payments For Capital Improvements
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us-gaap Payments For Capital Improvements
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10759000 USD
us-gaap Share Based Compensation
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3324000 USD
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us-gaap Stock Issued During Period Shares New Issues
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us-gaap Payments For Proceeds From Other Investing Activities
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585000 USD
us-gaap Payments Of Debt Issuance Costs
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1164000 USD
us-gaap Payments Of Ordinary Dividends
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us-gaap Payments Of Ordinary Dividends
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us-gaap Payments To Develop Real Estate Assets
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ProceedsFromIssuanceOfLongTermDebt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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CY2015Q2 us-gaap Profit Loss
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us-gaap Profit Loss
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CY2015Q4 us-gaap Real Estate Heldforsale
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CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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61882000 USD
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RealEstateRevenueNet
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us-gaap Repayments Of Bank Debt
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RepaymentsOfBankDebt
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us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
68042000 USD
us-gaap Repayments Of Secured Debt
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CY2015Q2 us-gaap Revenues
Revenues
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CY2016Q2 us-gaap Revenues
Revenues
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us-gaap Revenues
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CY2015Q4 us-gaap Secured Debt
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CY2016Q2 us-gaap Secured Debt
SecuredDebt
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CY2015Q4 us-gaap Security Deposit Liability
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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us-gaap Share Based Compensation
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CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Basis Of Accounting
BasisOfAccounting
<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;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;text-align:justify;font-size:5pt;"><font style="font-family:inherit;font-size:5pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited financial statements of EastGroup Properties, Inc. (&#8220;EastGroup&#8221; or &#8220;the Company&#8221;) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to&#160;Form 10-Q and Rule 10-01 of Regulation S-X.&#160;&#160;Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.&#160;&#160;In management&#8217;s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.&#160;&#160;The financial statements should be read in conjunction with the financial statements contained in the </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> annual report on Form 10-K and the notes thereto. Certain reclassifications have been made in the 2015 consolidated financial statements to conform to the 2016 presentation.</font></div></div>
us-gaap Use Of Estimates
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<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;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements.&#160;&#160;Actual results could differ from those estimates.</font></div></div>

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