2012 Q3 Form 10-Q Financial Statement

#000110465912056357 Filed on August 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2012 Q2 2011 Q2
Revenue $222.6M $217.3M $208.9M
YoY Change -4.15% 4.05% 13.46%
Cost Of Revenue $92.00M $76.00M $90.60M
YoY Change 10.71% -16.11% 19.53%
Gross Profit $134.8M $147.3M $127.3M
YoY Change -1.68% 15.7% 17.54%
Gross Profit Margin 60.55% 67.76% 60.94%
Selling, General & Admin $12.60M $10.10M $11.60M
YoY Change 34.04% -12.93% 27.47%
% of Gross Profit 9.35% 6.86% 9.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $52.35M $60.43M $50.39M
YoY Change -7.16% 19.92% 6.99%
% of Gross Profit 38.84% 41.03% 39.59%
Operating Expenses $64.90M $54.40M $62.00M
YoY Change 14.66% -12.26% 20.62%
Operating Profit $68.81M $72.30M $62.94M
YoY Change 25.19% 14.87% 10.61%
Interest Expense $50.74M $50.24M -$44.90M
YoY Change 2.66% -211.89% 7.16%
% of Operating Profit 73.73% 69.48% -71.34%
Other Income/Expense, Net
YoY Change
Pretax Income $21.12M $23.65M $18.02M
YoY Change 4.98% 31.24% 374.11%
Income Tax $1.322M $92.00K $90.00K
% Of Pretax Income 6.26% 0.39% 0.5%
Net Earnings $17.62M $16.07M $19.96M
YoY Change -38.26% -19.53% 99.68%
Net Earnings / Revenue 7.91% 7.39% 9.56%
Basic Earnings Per Share
Diluted Earnings Per Share $210.3K $190.1K $251.9K
COMMON SHARES
Basic Shares Outstanding 83.73M shares 83.73M shares 72.14M shares
Diluted Shares Outstanding 83.73M shares 72.14M shares

Balance Sheet

Concept 2012 Q3 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.70M $138.8M $55.00M
YoY Change -65.5% 152.36% 64.67%
Cash & Equivalents $72.68M $138.8M $55.04M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $246.3M $236.0M $203.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $319.0M $374.8M $258.3M
YoY Change -24.66% 45.1% 12.21%
LONG-TERM ASSETS
Property, Plant & Equipment $6.818B $6.636B $5.965B
YoY Change 8.91% 11.26% 11.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $179.0M $180.2M $168.9M
YoY Change 0.17% 6.71% 1.38%
Other Assets $13.60M $14.30M $56.20M
YoY Change -74.67% -74.56% -67.5%
Total Long-Term Assets $7.628B $7.424B $6.702B
YoY Change 8.43% 10.77% 12.17%
TOTAL ASSETS
Total Short-Term Assets $319.0M $374.8M $258.3M
Total Long-Term Assets $7.628B $7.424B $6.702B
Total Assets $7.947B $7.799B $6.960B
YoY Change 6.55% 12.05% 12.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $143.2M $158.0M $137.4M
YoY Change -3.57% 14.99% 23.9%
Accrued Expenses
YoY Change
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 $167.4M $182.5M $160.7M
YoY Change -2.79% 13.57% 20.83%
LONG-TERM LIABILITIES
Long-Term Debt $4.151B $3.818B $3.298B
YoY Change 16.72% 15.77% 14.53%
Other Long-Term Liabilities $128.4M $116.1M $113.4M
YoY Change -6.35% 2.38% 34.68%
Total Long-Term Liabilities $4.279B $3.934B $3.411B
YoY Change 15.86% 15.33% 15.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $167.4M $182.5M $160.7M
Total Long-Term Liabilities $4.279B $3.934B $3.411B
Total Liabilities $4.447B $4.116B $3.572B
YoY Change 15.03% 15.25% 15.35%
SHAREHOLDERS EQUITY
Retained Earnings $2.540B
YoY Change
Common Stock $3.587B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.289B $3.472B $3.388B
YoY Change
Total Liabilities & Shareholders Equity $7.947B $7.799B $6.960B
YoY Change 6.55% 12.05% 12.17%

Cashflow Statement

Concept 2012 Q3 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $17.62M $16.07M $19.96M
YoY Change -38.26% -19.53% 99.68%
Depreciation, Depletion And Amortization $52.35M $60.43M $50.39M
YoY Change -7.16% 19.92% 6.99%
Cash From Operating Activities $47.70M $103.5M $106.1M
YoY Change -22.94% -2.45% 20.57%
INVESTING ACTIVITIES
Capital Expenditures -$135.8M -$162.2M -$203.6M
YoY Change -45.79% -20.33% 6.71%
Acquisitions
YoY Change
Other Investing Activities -$22.90M -$19.60M -$23.80M
YoY Change -115.11% -17.65% -154.59%
Cash From Investing Activities -$158.7M -$181.8M -$227.3M
YoY Change 60.3% -20.02% 54.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 44.40M 23.70M 150.3M
YoY Change -77.21% -84.23% -426.74%
NET CHANGE
Cash From Operating Activities 47.70M 103.5M 106.1M
Cash From Investing Activities -158.7M -181.8M -227.3M
Cash From Financing Activities 44.40M 23.70M 150.3M
Net Change In Cash -66.60M -54.60M 29.10M
YoY Change -142.23% -287.63% -127.66%
FREE CASH FLOW
Cash From Operating Activities $47.70M $103.5M $106.1M
Capital Expenditures -$135.8M -$162.2M -$203.6M
Free Cash Flow $183.5M $265.7M $309.7M
YoY Change -41.26% -14.21% 11.08%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt"><b><u><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Note 2.&#160; Recent Accounting Pronouncements</font></u></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In January 2012, we adopted the Financial Accounting Standards Board, or FASB, Accounting Standards Update No. 2011-04, <i>Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRS</i>.&#160; This update clarified the application of existing fair value measurement requirements.&#160; This update also required reporting entities to disclose additional information regarding fair value measurements categorized within Level 3 of the fair value hierarchy.&#160; This update was effective for interim and annual reporting periods beginning after December 15, 2011.&#160; The implementation of this update did not cause any material changes to the disclosures in, or presentation of, our condensed consolidated financial statements.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Additionally, in January 2012, we adopted FASB Accounting Standards Update No. 2011-05, <i>Presentation of Comprehensive Income</i>.&#160; This update eliminated the option to report other comprehensive income and its components in the statement of shareholders&#8217; equity.&#160; This update was intended to enhance comparability between entities that report under GAAP and to provide a more consistent method of presenting non-owner transactions that affect an entity&#8217;s equity.&#160; This standard was effective for interim and annual reporting periods beginning after December 15, 2011.&#160; The implementation of this update did not cause any material changes to our condensed consolidated financial statements, other than the presentation of the condensed consolidated statements of comprehensive income.</font></p></td></tr></table>
dei Entity Registrant Name
EntityRegistrantName
CommonWealth REIT
dei Entity Central Index Key
EntityCentralIndexKey
0000803649
dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2012-06-30
dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Entity Current Reporting Status
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dei Entity Filer Category
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dei Document Fiscal Year Focus
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2012
dei Document Fiscal Period Focus
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CY2012Q2 us-gaap Mortgage Loans On Real Estate Carrying Amount Of Mortgages
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us-gaap Dividends
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2639000 USD
CY2011Q4 us-gaap Deferred Tax Liabilities
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CY2012Q2 us-gaap Deferred Tax Liabilities
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3170000 USD
CY2011Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2012Q2 us-gaap Deferred Tax Assets Valuation Allowance
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us-gaap Concentration Risk Percentage1
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CY2011Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
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AreaOfRealEstateProperty
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cwh Factors Used To Identify Entitys Reportable Segments Period
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cwh Factors Used To Identify Entitys Reportable Segments Minimum Total Square Feet Or Revenues Or Property Net Operating Income Or Net Operating Income
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us-gaap Gross Profit
GrossProfit
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us-gaap Gross Profit
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