2013 Q4 Form 10-K Financial Statement

#000162828015001139 Filed on February 27, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $127.6M $62.28M $59.57M
YoY Change 52.55% 4.82% 3.77%
Cost Of Revenue $65.60M $28.10M $26.60M
YoY Change 116.5% 12.85% 5.56%
Gross Profit $83.80M $34.20M $33.00M
YoY Change 57.22% -0.87% 2.48%
Gross Profit Margin 65.68% 54.92% 55.4%
Selling, General & Admin $16.38M $11.10M $8.200M
YoY Change 127.49% 68.18% 95.24%
% of Gross Profit 19.55% 32.46% 24.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.38M $9.200M $15.00M
YoY Change 119.0% -24.59% 25.0%
% of Gross Profit 32.67% 26.9% 45.45%
Operating Expenses $244.7M $23.90M $21.30M
YoY Change 1259.41% 35.03% 41.06%
Operating Profit -$117.1M $10.30M $11.70M
YoY Change -431.76% -38.69% -31.58%
Interest Expense $13.15M -$8.000M -$6.800M
YoY Change -192.58% -41.61% -49.25%
% of Operating Profit -77.67% -58.12%
Other Income/Expense, Net
YoY Change
Pretax Income $192.3M $2.300M $4.900M
YoY Change 807.1% -25.81% 32.43%
Income Tax -$1.125M $0.00 $0.00
% Of Pretax Income -0.59% 0.0% 0.0%
Net Earnings $30.73M $3.071M
YoY Change 39.41% -54.66%
Net Earnings / Revenue 24.09% 5.16%
Basic Earnings Per Share $0.79
Diluted Earnings Per Share $0.79 $0.00 -$20.70K
COMMON SHARES
Basic Shares Outstanding 95.46M shares
Diluted Shares Outstanding 244.4M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.70M $105.6M $80.50M
YoY Change 17.86% 13.3% 25.98%
Cash & Equivalents $60.74M $105.6M $80.50M
Short-Term Investments
Other Short-Term Assets $35.40M $9.400M $13.00M
YoY Change 183.2% 1.08% 3.17%
Inventory
Prepaid Expenses
Receivables $24.80M $8.800M $8.100M
Other Receivables $62.70M $53.80M $51.90M
Total Short-Term Assets $183.6M $177.6M $153.5M
YoY Change 49.88% 11.7% 17.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.354B $710.9M $713.9M
YoY Change 98.49% 5.3% 7.56%
Goodwill $491.5M
YoY Change
Intangibles
YoY Change
Long-Term Investments $88.30M $88.30M $82.52M
YoY Change 14.86% -12.4% -11.08%
Other Assets $134.6M $132.1M $129.1M
YoY Change 8.11% 11.57% 16.62%
Total Long-Term Assets $850.3M $944.6M $940.3M
YoY Change -0.33% 5.62% 8.43%
TOTAL ASSETS
Total Short-Term Assets $183.6M $177.6M $153.5M
Total Long-Term Assets $850.3M $944.6M $940.3M
Total Assets $1.034B $1.122B $1.094B
YoY Change 5.97% 6.54% 9.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.800M $10.70M $30.50M
YoY Change -85.48% -68.99% 98.05%
Accrued Expenses $4.100M $3.300M $3.300M
YoY Change 20.59% 6.45% 17.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $22.10M $19.80M
YoY Change -100.0% 19.46% 7.03%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $111.5M $73.80M $71.30M
YoY Change 118.63% 24.87% 25.97%
LONG-TERM LIABILITIES
Long-Term Debt $1.208B $1.061B $1.026B
YoY Change 23.5% 9.07% 8.42%
Other Long-Term Liabilities $151.5M $8.300M $4.100M
YoY Change 1947.3% 23.88% 7.89%
Total Long-Term Liabilities $1.360B $1.069B $1.030B
YoY Change 37.95% 9.17% 8.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.5M $73.80M $71.30M
Total Long-Term Liabilities $1.360B $1.069B $1.030B
Total Liabilities $1.473B $1.154B $1.123B
YoY Change 38.51% 7.52% 9.91%
SHAREHOLDERS EQUITY
Retained Earnings $67.64M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $385.2M -$31.60M -$29.40M
YoY Change
Total Liabilities & Shareholders Equity $2.476B $1.122B $1.094B
YoY Change 135.23% 6.54% 9.56%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income $30.73M $3.071M
YoY Change 39.41% -54.66%
Depreciation, Depletion And Amortization $27.38M $9.200M $15.00M
YoY Change 119.0% -24.59% 25.0%
Cash From Operating Activities -$131.9M $17.60M $1.200M
YoY Change -1599.17% -6.88% -93.81%
INVESTING ACTIVITIES
Capital Expenditures -$56.50M -$23.10M -$19.90M
YoY Change 64.24% 362.0% -44.26%
Acquisitions $0.00
YoY Change
Other Investing Activities $563.5M $100.0K -$800.0K
YoY Change -13844.61% -106.25% -94.67%
Cash From Investing Activities -$620.3M -$23.10M -$20.60M
YoY Change 1511.19% 244.78% -59.29%
FINANCING ACTIVITIES
Cash Dividend Paid $7.601M
YoY Change
Common Stock Issuance & Retirement, Net $992.9M
YoY Change
Debt Paid & Issued, Net $313.2M
YoY Change
Cash From Financing Activities $696.0M 30.50M -5.600M
YoY Change -5900.14% 77.33% -221.74%
NET CHANGE
Cash From Operating Activities -$131.9M 17.60M 1.200M
Cash From Investing Activities -$620.3M -23.10M -20.60M
Cash From Financing Activities $696.0M 30.50M -5.600M
Net Change In Cash -$56.22M 25.00M -25.00M
YoY Change 34.81% -14.97% -6.02%
FREE CASH FLOW
Cash From Operating Activities -$131.9M $17.60M $1.200M
Capital Expenditures -$56.50M -$23.10M -$19.90M
Free Cash Flow -$75.43M $40.70M $21.10M
YoY Change -274.6% 70.29% -61.71%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassification</font></div><div style="line-height:120%;text-align:left;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;">Certain prior year balances have been reclassified to conform to our current year presentation primarily in order to present ground rent expense and income tax expense accounts separately and to reclassify acquisition expenses from other expenses to operating expenses.</font></div></div>
CY2014 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accounting Estimates </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in accordance with GAAP requires management to use estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long-lived assets, valuation and impairment analysis of commercial real estate properties and other long-lived assets, estimate of percentage of completion on construction contracts, valuation of the allowance for doubtful accounts, and valuation of senior unsecured notes and equity based compensation. These estimates are prepared using management&#8217;s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates. </font></div></div>

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