2016 Q2 Form 10-Q Financial Statement

#000027750916000138 Filed on July 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $172.3M $205.4M
YoY Change -16.11% -12.45%
Cost Of Revenue $127.3M $144.7M
YoY Change -12.02% -17.64%
Gross Profit $45.00M $60.70M
YoY Change -25.86% 11.58%
Gross Profit Margin 26.12% 29.55%
Selling, General & Admin $30.30M $31.10M
YoY Change -2.57% -10.89%
% of Gross Profit 67.33% 51.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.200M $3.900M
YoY Change 7.69% 5.41%
% of Gross Profit 9.33% 6.43%
Operating Expenses $30.30M $31.10M
YoY Change -2.57% -10.89%
Operating Profit $14.30M $29.20M
YoY Change -51.03% 22.18%
Interest Expense $400.0K $600.0K
YoY Change -33.33% -33.33%
% of Operating Profit 2.8% 2.05%
Other Income/Expense, Net $300.0K $0.00
YoY Change -100.0%
Pretax Income $14.20M $28.60M
YoY Change -50.35% 25.99%
Income Tax $4.800M $10.40M
% Of Pretax Income 33.8% 36.36%
Net Earnings $9.100M $18.30M
YoY Change -50.27% 7.02%
Net Earnings / Revenue 5.28% 8.91%
Basic Earnings Per Share $0.15 $0.29
Diluted Earnings Per Share $0.15 $0.29
COMMON SHARES
Basic Shares Outstanding 60.10M shares 62.60M shares
Diluted Shares Outstanding 60.90M shares 63.60M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.70M $35.90M
YoY Change 7.8% 48.35%
Cash & Equivalents $38.70M $33.40M
Short-Term Investments
Other Short-Term Assets $13.00M $7.200M
YoY Change 80.56% -40.5%
Inventory $119.5M $120.1M
Prepaid Expenses $13.00M $10.70M
Receivables $82.50M $119.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $253.7M $306.7M
YoY Change -17.28% 8.87%
LONG-TERM ASSETS
Property, Plant & Equipment $136.3M $68.20M
YoY Change 99.85% -0.44%
Goodwill $236.2M $262.4M
YoY Change -9.98% -4.09%
Intangibles $12.20M
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.90M $23.40M
YoY Change -44.87% -32.56%
Total Long-Term Assets $397.6M $354.0M
YoY Change 12.32% -6.05%
TOTAL ASSETS
Total Short-Term Assets $253.7M $306.7M
Total Long-Term Assets $397.6M $354.0M
Total Assets $651.3M $660.7M
YoY Change -1.42% 0.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.90M $49.40M
YoY Change -17.21% -15.84%
Accrued Expenses $43.80M $55.20M
YoY Change -20.65% -3.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $600.0K $5.800M
YoY Change -89.66% -22.67%
Total Short-Term Liabilities $95.10M $131.8M
YoY Change -27.85% -11.84%
LONG-TERM LIABILITIES
Long-Term Debt $66.30M $42.40M
YoY Change 56.37% -32.27%
Other Long-Term Liabilities $28.00M $21.60M
YoY Change 29.63% 29.34%
Total Long-Term Liabilities $28.00M $21.60M
YoY Change 29.63% 29.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $95.10M $131.8M
Total Long-Term Liabilities $28.00M $21.60M
Total Liabilities $255.3M $272.7M
YoY Change -6.38% -3.64%
SHAREHOLDERS EQUITY
Retained Earnings $289.0M $252.7M
YoY Change 14.36% 31.96%
Common Stock $262.7M $254.9M
YoY Change 3.06% 4.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $76.60M $35.00M
YoY Change 118.86% 74.13%
Treasury Stock Shares 5.400M shares 2.200M shares
Shareholders Equity $396.0M $388.0M
YoY Change
Total Liabilities & Shareholders Equity $651.3M $660.7M
YoY Change -1.42% 0.33%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $9.100M $18.30M
YoY Change -50.27% 7.02%
Depreciation, Depletion And Amortization $4.200M $3.900M
YoY Change 7.69% 5.41%
Cash From Operating Activities $10.60M $24.10M
YoY Change -56.02% -21.24%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$2.800M
YoY Change -42.86% -46.15%
Acquisitions
YoY Change
Other Investing Activities -$90.70M $100.0K
YoY Change -90800.0% 0.0%
Cash From Investing Activities -$92.30M -$2.700M
YoY Change 3318.52% -47.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.400M
YoY Change -57.58%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 43.50M -9.400M
YoY Change -562.77% -45.98%
NET CHANGE
Cash From Operating Activities 10.60M 24.10M
Cash From Investing Activities -92.30M -2.700M
Cash From Financing Activities 43.50M -9.400M
Net Change In Cash -38.20M 12.00M
YoY Change -418.33% 48.15%
FREE CASH FLOW
Cash From Operating Activities $10.60M $24.10M
Capital Expenditures -$1.600M -$2.800M
Free Cash Flow $12.20M $26.90M
YoY Change -54.65% -24.86%

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us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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300000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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4900000 USD
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5000000 USD
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400000 USD
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us-gaap Gross Profit
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us-gaap Gross Profit
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9400000 USD
us-gaap Income Loss From Continuing Operations
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19800000 USD
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28600000 USD
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51300000 USD
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14200000 USD
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30300000 USD
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28600000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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51300000 USD
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14200000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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30300000 USD
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0.15
us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.32
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100000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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600000 USD
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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2900000 USD
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0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.05
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18700000 USD
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4800000 USD
us-gaap Income Tax Expense Benefit
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29700000 USD
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10700000 USD
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600000 USD
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12600000 USD
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200000 USD
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1200000 USD
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400000 USD
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800000 USD
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35300000 USD
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36100000 USD
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6700000 USD
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8200000 USD
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23600000 USD
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28600000 USD
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3900000 USD
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15300000 USD
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3500000 USD
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900000 USD
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400000 USD
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us-gaap Net Cash Provided By Used In Investing Activities
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30800000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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3900000 USD
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9700000 USD
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Sale Leaseback Transaction Current Period Gain Recognized
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us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
33100000 USD
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000 shares
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
800000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
800000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63500000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61900000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62500000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61100000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and (iii) the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but are not limited to, revenue recognition, workers&#8217; compensation and product liability reserves, asset impairment, pension and other post-retirement benefit obligations, income tax contingency accruals and valuation allowances, and litigation-related accruals. Actual results could differ from those estimates.</font></div></div>

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