$GGG
GRACO INC

2013 Q2 Form 10-Q Financial Statement

#000119312513300579 Filed on July 24, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $286.0M $268.2M
YoY Change 6.65% 23.2%
Cost Of Revenue $127.3M $128.7M
YoY Change -1.07% 37.92%
Gross Profit $158.7M $139.5M
YoY Change 13.77% 12.17%
Gross Profit Margin 55.5% 52.03%
Selling, General & Admin $71.10M $74.55M
YoY Change -4.63% 29.89%
% of Gross Profit 44.79% 53.43%
Research & Development $12.47M $12.50M
YoY Change -0.28% 25.89%
% of Gross Profit 7.85% 8.96%
Depreciation & Amortization $9.300M $10.30M
YoY Change -9.71% 22.23%
% of Gross Profit 5.86% 7.38%
Operating Expenses $12.47M $87.06M
YoY Change -85.68% 29.3%
Operating Profit $146.3M $52.48M
YoY Change 178.75% -8.05%
Interest Expense -$4.600M $5.359M
YoY Change -185.84% 769.97%
% of Operating Profit -3.14% 10.21%
Other Income/Expense, Net $10.90M $3.236M
YoY Change 236.84%
Pretax Income $81.40M $50.35M
YoY Change 61.66% -10.81%
Income Tax $23.60M $16.00M
% Of Pretax Income 28.99% 31.78%
Net Earnings $57.80M $34.40M
YoY Change 68.02% -7.77%
Net Earnings / Revenue 20.21% 12.83%
Basic Earnings Per Share $0.94 $0.57
Diluted Earnings Per Share $0.92 $0.56
COMMON SHARES
Basic Shares Outstanding 60.45M shares
Diluted Shares Outstanding 62.84M shares 61.80M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $453.5M $449.9M
YoY Change 0.8% 338.93%
Cash & Equivalents $27.60M $23.09M
Short-Term Investments $426.0M $426.8M
Other Short-Term Assets $27.00M $6.694M
YoY Change 303.35% 176.84%
Inventory $133.3M $124.4M
Prepaid Expenses
Receivables $196.7M $192.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $810.6M $793.9M
YoY Change 2.1% 108.64%
LONG-TERM ASSETS
Property, Plant & Equipment $149.0M $154.3M
YoY Change -3.42% 15.65%
Goodwill $167.3M
YoY Change 82.38%
Intangibles $156.6M
YoY Change 515.19%
Long-Term Investments
YoY Change
Other Assets $61.20M $14.28M
YoY Change 328.51% 57.99%
Total Long-Term Assets $529.9M $525.8M
YoY Change 0.78% 91.27%
TOTAL ASSETS
Total Short-Term Assets $810.6M $793.9M
Total Long-Term Assets $529.9M $525.8M
Total Assets $1.341B $1.320B
YoY Change 1.57% 101.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.30M $31.73M
YoY Change 8.1% 9.68%
Accrued Expenses $48.00M $44.50M
YoY Change 7.87% 24.65%
Deferred Revenue
YoY Change
Short-Term Debt $7.800M $6.300M
YoY Change 23.81% -43.75%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $154.9M $153.9M
YoY Change 0.64% 26.41%
LONG-TERM LIABILITIES
Long-Term Debt $465.8M $627.2M
YoY Change -25.73% 318.12%
Other Long-Term Liabilities $138.8M $130.1M
YoY Change 6.69% 68.09%
Total Long-Term Liabilities $604.6M $627.2M
YoY Change -3.6% 318.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $154.9M $153.9M
Total Long-Term Liabilities $604.6M $627.2M
Total Liabilities $780.4M $781.1M
YoY Change -0.09% 187.42%
SHAREHOLDERS EQUITY
Retained Earnings $139.7M
YoY Change 102.31%
Common Stock $334.5M
YoY Change 15.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $560.1M $391.4M
YoY Change
Total Liabilities & Shareholders Equity $1.341B $1.320B
YoY Change 1.57% 101.35%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $57.80M $34.40M
YoY Change 68.02% -7.77%
Depreciation, Depletion And Amortization $9.300M $10.30M
YoY Change -9.71% 22.23%
Cash From Operating Activities $61.00M $41.20M
YoY Change 48.06% 190.55%
INVESTING ACTIVITIES
Capital Expenditures -$6.100M -$5.600M
YoY Change 8.93% -223.98%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$652.6M
YoY Change -100.0% -652700.0%
Cash From Investing Activities -$6.100M -$658.2M
YoY Change -99.07% 14948.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.90M 313.3M
YoY Change -121.03% 275.61%
NET CHANGE
Cash From Operating Activities 61.00M 41.20M
Cash From Investing Activities -6.100M -658.2M
Cash From Financing Activities -65.90M 313.3M
Net Change In Cash -11.00M -303.7M
YoY Change -96.38% -425.8%
FREE CASH FLOW
Cash From Operating Activities $61.00M $41.20M
Capital Expenditures -$6.100M -$5.600M
Free Cash Flow $67.10M $46.80M
YoY Change 43.38% 384.32%

Facts In Submission

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CY2013Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
102737000 USD
CY2013Q2 ggg Other Intangible Assets Gross
OtherIntangibleAssetsGross
179055000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
153160000 USD
CY2012Q4 ggg Finite Lived Intangible Assets Foreign Currency Translation
FiniteLivedIntangibleAssetsForeignCurrencyTranslation
1657000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
111756000 USD
CY2012Q4 ggg Other Intangible Assets Gross
OtherIntangibleAssetsGross
193740000 USD
CY2013Q2 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
141521000 USD
CY2012Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
151773000 USD
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3200000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6800000 USD
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4300000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6600000 USD
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
12400000 USD
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
9000000 USD
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
8500000 USD
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
8200000 USD
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
8000000 USD
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
63200000 USD
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-2132000 USD
us-gaap Goodwill Other Changes
GoodwillOtherChanges
-885000 USD
CY2013Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7670000 USD
CY2012Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7943000 USD
CY2013Q2 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
3591000 USD
CY2012Q4 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
7203000 USD
CY2013Q2 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
6593000 USD
CY2012Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
6952000 USD
CY2012Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
5669000 USD
CY2013Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
12245000 USD
CY2013Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20591000 USD
CY2012Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
4305000 USD
CY2012Q4 ggg Customer Advances And Deferred Revenue
CustomerAdvancesAndDeferredRevenue
10617000 USD
CY2013Q2 ggg Customer Advances And Deferred Revenue
CustomerAdvancesAndDeferredRevenue
12914000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
2825000 USD
ggg Product Warranty Margin Reversed
ProductWarrantyMarginReversed
953000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4051000 USD
CY2011Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6709000 USD
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
CY2012 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
1121000 USD
CY2013Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
300000000 USD
CY2013Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
320000000 USD
CY2012Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
330000000 USD
CY2013Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
286020000 USD
CY2013Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
10243000 USD
CY2012Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
9974000 USD
us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Helvetica;font-size:12pt;margin-left:0px;">The </font><font style="font-family:Arial;font-size:12pt;">Company accounts for all derivatives, including those embedded in other contracts, as either assets or liabilities and measures those financial instruments at fair value. The accounting for changes in the fair value of derivatives depends on their intended use and designation. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Helvetica;font-size:12pt;margin-left:36px;">As part of its risk management program, the Company may periodically use forward exchange contracts and interest rate swaps to manage known market exposures. Terms of derivative instruments are structured to match the terms of the risk being managed and are generally held to maturity. The Company does not hold or issue derivative financial instruments for trading purposes. All other contracts that contain provisions meeting the definition of a derivative also meet the requirements of, and have been designated as, normal purchases or sales. The Company's policy is to not enter into contracts with terms that cannot be designated as normal purchases or sales. </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial;font-size:12pt;margin-left:36px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial;font-size:12pt;margin-left:36px;">The Company periodically evaluates its monetary asset and liability positions denominated in foreign currencies. The Company enters into forward contracts or options, or borrows in various currencies, in order to hedge its net monetary positions. These instruments are recorded at current market values and the gains and losses are included in other expen</font><font style="font-family:Arial;font-size:12pt;">se</font><font style="font-family:Arial;font-size:12pt;"> (income), net. The</font><font style="font-family:Arial;font-size:12pt;"> notional amount of</font><font style="font-family:Arial;font-size:12pt;"> contracts </font><font style="font-family:Arial;font-size:12pt;">outstanding as of June 28, 2013</font><font style="font-family:Arial;font-size:12pt;"> </font><font style="font-family:Arial;font-size:12pt;">tota</font><font style="font-family:Arial;font-size:12pt;">led</font><font style="font-family:Arial;font-size:12pt;"> $</font><font style="font-family:Arial;font-size:12pt;">2</font><font style="font-family:Arial;font-size:12pt;">1</font><font style="font-family:Arial;font-size:12pt;"> million. </font><font style="font-family:Arial;font-size:12pt;">The Company believes it uses strong financial counterparts in these transactions and that the resulting credit risk under these hedging strategies is not significant.</font><font style="font-family:Times New Roman;font-size:12pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial;font-size:12pt;margin-left:36px;">The Company uses significant other observable inputs </font><font style="font-family:Arial;font-size:12pt;">(level 2 in the fair value hierarchy) </font><font style="font-family:Arial;font-size:12pt;">to value the derivative instruments used to hedge and net monetary positions</font><font style="font-family:Arial;font-size:12pt;">, including reference to market prices and financial models that incorporate relevant market assumptions</font><font style="font-family:Arial;font-size:12pt;">.</font></p>
CY2013Q2 us-gaap Notional Amount Of Foreign Currency Derivatives
NotionalAmountOfForeignCurrencyDerivatives
21000000 USD
CY2012Q4 ggg Unrealized Loss On Derivatives
UnrealizedLossOnDerivatives
62000 USD
CY2012Q4 ggg Unrealizedgainonderivatives
Unrealizedgainonderivatives
553000 USD
CY2013Q2 ggg Unrealizedgainonderivatives
Unrealizedgainonderivatives
436000 USD
CY2013Q2 ggg Unrealized Loss On Derivatives
UnrealizedLossOnDerivatives
151000 USD
CY2013Q2 us-gaap Investment Income Dividend
InvestmentIncomeDividend
11000000 USD
CY2013Q1 ggg Cost Method Investments Adjustments
CostMethodInvestmentsAdjustments
1000000 USD
us-gaap Investment Income Dividend
InvestmentIncomeDividend
15000000 USD
CY2012Q2 us-gaap Investment Income Dividend
InvestmentIncomeDividend
4000000 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
555066000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
109973000 USD
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
1.76
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.37
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
532551000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
82768000 USD
ggg Business Acquisitions Pro Forma Operating Earnings
BusinessAcquisitionsProFormaOperatingEarnings
146714000 USD
ggg Business Acquisitions Pro Forma Operating Earnings
BusinessAcquisitionsProFormaOperatingEarnings
131089000 USD
CY2012Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
43847000 USD
CY2013Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.94
CY2013Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
57843000 USD
CY2012Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.71
CY2012Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.72
CY2012Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
268184000 USD
CY2012Q2 ggg Business Acquisitions Pro Forma Operating Earnings
BusinessAcquisitionsProFormaOperatingEarnings
66896000 USD

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