2015 Q1 Form 10-Q Financial Statement

#000080364915000007 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $213.1M $217.3M
YoY Change -1.94% -17.27%
Cost Of Revenue $97.90M $101.7M
YoY Change -3.74% -2.31%
Gross Profit $115.2M $115.5M
YoY Change -0.3% -27.1%
Gross Profit Margin 54.06% 53.18%
Selling, General & Admin $16.60M $24.80M
YoY Change -33.06% 48.5%
% of Gross Profit 14.41% 21.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.70M $51.65M
YoY Change 21.39% -17.45%
% of Gross Profit 54.43% 44.71%
Operating Expenses $79.30M $76.60M
YoY Change 3.52% -3.28%
Operating Profit $34.02M $43.79M
YoY Change -22.3% -44.3%
Interest Expense $29.84M $37.94M
YoY Change -21.33% -26.9%
% of Operating Profit 87.71% 86.63%
Other Income/Expense, Net
YoY Change
Pretax Income $13.07M $6.346M
YoY Change 105.94% -83.98%
Income Tax -$561.0K $555.0K
% Of Pretax Income -4.29% 8.75%
Net Earnings $13.63M $20.45M
YoY Change -33.34% -20.33%
Net Earnings / Revenue 6.4% 9.41%
Basic Earnings Per Share $0.05 $0.08
Diluted Earnings Per Share $0.05 $0.08
COMMON SHARES
Basic Shares Outstanding 129.7M shares 118.4M shares
Diluted Shares Outstanding 129.9M shares 118.4M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $421.7M $177.6M
YoY Change 137.44% 264.68%
Cash & Equivalents $421.7M $172.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $249.4M $239.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $671.1M $417.4M
YoY Change 60.78% 31.92%
LONG-TERM ASSETS
Property, Plant & Equipment $4.633B $4.981B
YoY Change -6.98% -28.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $518.9M
YoY Change 4454.45%
Other Assets $33.30M $232.1M
YoY Change -85.65% 33.24%
Total Long-Term Assets $5.063B $6.183B
YoY Change -18.12% -20.38%
TOTAL ASSETS
Total Short-Term Assets $671.1M $417.4M
Total Long-Term Assets $5.063B $6.183B
Total Assets $5.734B $6.601B
YoY Change -13.13% -18.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $149.0M $136.5M
YoY Change 9.16% -12.5%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $163.1M $150.2M
YoY Change 8.59% -16.46%
LONG-TERM LIABILITIES
Long-Term Debt $2.205B $2.990B
YoY Change -26.25% -18.27%
Other Long-Term Liabilities $54.90M $101.5M
YoY Change -45.91% -13.91%
Total Long-Term Liabilities $2.260B $3.091B
YoY Change -26.89% -18.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $163.1M $150.2M
Total Long-Term Liabilities $2.260B $3.091B
Total Liabilities $2.423B $3.242B
YoY Change -25.25% -18.06%
SHAREHOLDERS EQUITY
Retained Earnings $2.247B $2.230B
YoY Change 0.77%
Common Stock $4.492B $4.219B
YoY Change 6.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.311B $3.359B
YoY Change
Total Liabilities & Shareholders Equity $5.734B $6.601B
YoY Change -13.13% -18.33%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $13.63M $20.45M
YoY Change -33.34% -20.33%
Depreciation, Depletion And Amortization $62.70M $51.65M
YoY Change 21.39% -17.45%
Cash From Operating Activities $40.32M $46.63M
YoY Change -13.52% 8.86%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $33.20M -$36.80M
YoY Change -190.22% -117.08%
Cash From Investing Activities $33.17M -$36.80M
YoY Change -190.13% -155.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $1.589M $14.07M
YoY Change -88.7% -98.51%
Cash From Financing Activities -$15.71M -$54.81M
YoY Change -71.33% -66.31%
NET CHANGE
Cash From Operating Activities $40.32M $46.63M
Cash From Investing Activities $33.17M -$36.80M
Cash From Financing Activities -$15.71M -$54.81M
Net Change In Cash $57.78M -$44.99M
YoY Change -228.43% -16.29%
FREE CASH FLOW
Cash From Operating Activities $40.32M $46.63M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2015Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April&#160;2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No.&#160;2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08.&#160; ASU 2014-08 changes the criteria for reporting a discontinued operation.&#160; Under the new pronouncement, a disposal of a part of an organization that has a major effect on its operations and financial results is a discontinued operation.&#160; We adopted ASU 2014-08 on January 1, 2015, and the adoption is reflected in the presentation of our condensed consolidated financial statements.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May&#160;2014, the FASB issued ASU No.&#160;2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. This update is effective for interim and annual reporting periods beginning after December&#160;15, 2016.&#160; We are currently in the process of evaluating the impact, if any, the adoption of this ASU will have on our condensed consolidated financial statements.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. We are currently evaluating the impact the adoption of this standard will have on our condensed consolidated financial statements.</font></div></div>

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