2013 Q3 Form 10-Q Financial Statement

#000110465913061809 Filed on August 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue $4.433B $4.772B $3.916B
YoY Change -3.98% 21.85% 14.77%
Cost Of Revenue $4.337B $4.678B $3.825B
YoY Change -4.35% 22.29% 13.59%
Gross Profit $118.1M $93.80M $90.68M
YoY Change 42.94% 3.44% 103.44%
Gross Profit Margin 2.66% 1.97% 2.32%
Selling, General & Admin $29.09M $25.68M $24.04M
YoY Change 20.66% 6.84% 27.79%
% of Gross Profit 24.63% 27.38% 26.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.80M $18.60M $12.20M
YoY Change 84.07% 52.46% 60.53%
% of Gross Profit 17.61% 19.83% 13.45%
Operating Expenses $82.48M $77.82M $63.46M
YoY Change 25.32% 22.63% 68.03%
Operating Profit $13.81M $15.98M $27.21M
YoY Change -17.87% -41.29% 300.01%
Interest Expense $9.111M $10.77M $9.148M
YoY Change -1.36% 17.75% -218.81%
% of Operating Profit 66.0% 67.43% 33.62%
Other Income/Expense, Net
YoY Change
Pretax Income $4.694M $5.204M $18.07M
YoY Change -38.0% -71.19% -2358.13%
Income Tax $2.727M $0.00 -$450.0K
% Of Pretax Income 58.1% 0.0% -2.49%
Net Earnings $25.80M $4.800M $18.50M
YoY Change 273.91% -74.05% -2412.5%
Net Earnings / Revenue 0.58% 0.1% 0.47%
Basic Earnings Per Share
Diluted Earnings Per Share $945.1K $174.5K $672.7K
COMMON SHARES
Basic Shares Outstanding 27.43M shares 27.43M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.10M $9.700M $4.600M
YoY Change 1272.73% 110.87% -38.67%
Cash & Equivalents $15.07M $9.673M $4.561M
Short-Term Investments
Other Short-Term Assets $121.7M $71.80M $102.6M
YoY Change -0.57% -30.02% -0.1%
Inventory $402.2M $354.2M $504.1M
Prepaid Expenses
Receivables $781.8M $745.8M $450.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.320B $1.180B $1.062B
YoY Change -5.65% 11.14% -8.7%
LONG-TERM ASSETS
Property, Plant & Equipment $838.4M $787.7M $707.3M
YoY Change 19.62% 11.37% 71.09%
Goodwill $58.89M $107.6M
YoY Change 102.21%
Intangibles $129.8M $128.9M
YoY Change 100.79%
Long-Term Investments $0.00 $100.0K
YoY Change
Other Assets $17.70M $18.83M $13.10M
YoY Change 29.38% 43.76% -2.96%
Total Long-Term Assets $1.045B $1.043B $807.9M
YoY Change 29.25% 29.11% 73.33%
TOTAL ASSETS
Total Short-Term Assets $1.320B $1.180B $1.062B
Total Long-Term Assets $1.045B $1.043B $807.9M
Total Assets $2.365B $2.223B $1.870B
YoY Change 7.13% 18.91% 14.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $769.7M $764.1M $407.4M
YoY Change 9.26% 87.55% 26.56%
Accrued Expenses $46.40M $50.21M $47.70M
YoY Change -22.62% 5.25% 5.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $115.0M $115.0M $97.00M
YoY Change -22.87% 18.56% -5.55%
Total Short-Term Liabilities $1.050B $1.018B $648.4M
YoY Change 5.25% 57.02% 19.25%
LONG-TERM LIABILITIES
Long-Term Debt $768.2M $654.3M $709.7M
YoY Change 9.74% -7.81% 0.84%
Other Long-Term Liabilities $44.45M $41.14M $75.20M
YoY Change 32.94% -45.3% 53.47%
Total Long-Term Liabilities $44.45M $41.14M $784.9M
YoY Change 32.94% -94.76% 4.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.050B $1.018B $648.4M
Total Long-Term Liabilities $44.45M $41.14M $784.9M
Total Liabilities $1.900B $1.752B $1.433B
YoY Change 6.9% 22.23% 10.55%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $395.4M $389.7M $436.5M
YoY Change
Total Liabilities & Shareholders Equity $2.365B $2.223B $1.870B
YoY Change 7.13% 18.91% 14.77%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $25.80M $4.800M $18.50M
YoY Change 273.91% -74.05% -2412.5%
Depreciation, Depletion And Amortization $20.80M $18.60M $12.20M
YoY Change 84.07% 52.46% 60.53%
Cash From Operating Activities -$73.60M $44.90M $258.1M
YoY Change 176.69% -82.6% 36771.43%
INVESTING ACTIVITIES
Capital Expenditures -$16.80M -$17.80M -$14.50M
YoY Change 50.0% 22.76% 559.09%
Acquisitions
YoY Change
Other Investing Activities $3.300M $2.100M $2.600M
YoY Change -50.0% -19.23% 160.0%
Cash From Investing Activities -$13.50M -$15.80M -$11.90M
YoY Change 193.48% 32.77% 815.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 92.50M -32.40M -249.0M
YoY Change 235.14% -86.99% -10926.09%
NET CHANGE
Cash From Operating Activities -73.60M 44.90M 258.1M
Cash From Investing Activities -13.50M -15.80M -11.90M
Cash From Financing Activities 92.50M -32.40M -249.0M
Net Change In Cash 5.400M -3.300M -2.800M
YoY Change -250.0% 17.86% -264.71%
FREE CASH FLOW
Cash From Operating Activities -$73.60M $44.90M $258.1M
Capital Expenditures -$16.80M -$17.80M -$14.50M
Free Cash Flow -$56.80M $62.70M $272.6M
YoY Change 268.83% -77.0% 9300.0%

Facts In Submission

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WeightedAverageLimitedPartnershipUnitsOutstanding
25466000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
25638000 shares
glp Assumed Allocation Of Net Income Loss
AssumedAllocationOfNetIncomeLoss
17115000 USD
CY2013Q2 glp Number Of Primarily Utilized Clearing Brokers
NumberOfPrimarilyUtilizedClearingBrokers
3 item
CY2013Q2 us-gaap Due From Related Parties Current
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1400000 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
827097000 USD
CY2012Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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114775000 USD
CY2013Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
928146000 USD
CY2013Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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140429000 USD
glp Property Plant And Equipment Net Period Increase Decrease
PropertyPlantAndEquipmentNetPeriodIncreaseDecrease
101000000 USD
CY2012Q4 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
600000 USD
CY2012Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
44172000 USD
us-gaap Accrual For Environmental Loss Contingencies Payments
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1354000 USD
CY2013Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
42666000 USD
CY2013Q2 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
1900000 USD
glp Minimum Percentage Of Gross Income Representing Qualifying Income Of Publicly Traded Partnerships
MinimumPercentageOfGrossIncomeRepresentingQualifyingIncomeOfPubliclyTradedPartnerships
0.90 pure
CY2012Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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CY2012Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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90000 USD
CY2012Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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18383000 USD
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
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18383000 USD
CY2013Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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18000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-212907000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-111109000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
3696000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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689000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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-208000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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5547000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
18012000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
18012000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-472000 USD
CY2012Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4561000 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9673000 USD
us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
104000 USD
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
33142000 USD
glp Dividends Payable On Phantom Units
DividendsPayableOnPhantomUnits
-94000 USD
CY2013Q2 us-gaap Distribution Made To Member Or Limited Partner Distributions Paid Per Unit
DistributionMadeToMemberOrLimitedPartnerDistributionsPaidPerUnit
0.5825
CY2012Q1 us-gaap Share Price
SharePrice
22.31
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
75253000 USD
glp Noncash Or Part Noncash Acquisition Cash Consideration Paid
NoncashOrPartNoncashAcquisitionCashConsiderationPaid
-181898000 USD
CY2013Q2 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
471450000 USD
us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Acquisitions And Divestitures
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-866000 USD
CY2013Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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-7675000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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15127000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-22802000 USD
glp Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
5547000 USD
us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Revision In Estimates
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForRevisionInEstimates
-714000 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
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BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 8.58%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="8%"> <p style="TEXT-ALIGN: right; TEXT-INDENT: -10.1pt; MARGIN: 0in 0.15in 0pt 10.1pt;" align="right"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">100%</font></p></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.08%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%"> <p style="MARGIN: 0in 0in 0pt;">&#160;</p></td></tr></table> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 27pt; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Partnership had two significant customers, ExxonMobil Corporation (&#8220;ExxonMobil&#8221;) and Phillips<b>&#160;</b>66 (&#8220;Phillips<b>&#160;</b>66&#8221;), which accounted for approximately 14% and 16%, respectively, of total sales for the three months ended June&#160;30, 2013, and approximately 14% and 15%, respectively, of total sales for the six months ended June&#160;30, 2013.&#160; The Partnership had one significant customer, ExxonMobil, which accounted for approximately 17% and 16% of total sales for the three and six months ended June&#160;30, 2012, respectively.</font></p></div>
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