2014 Q2 Form 10-Q Financial Statement

#000110465914037086 Filed on May 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $4.570B $5.117B $5.589B
YoY Change -4.24% -8.45% 40.59%
Cost Of Revenue $4.482B $4.959B $5.530B
YoY Change -4.18% -10.34% 41.07%
Gross Profit $87.29M $158.4M $59.07M
YoY Change -6.94% 168.08% 6.78%
Gross Profit Margin 1.91% 3.09% 1.06%
Selling, General & Admin $31.67M $37.30M $25.66M
YoY Change 23.34% 45.34% 14.23%
% of Gross Profit 36.29% 23.55% 43.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.50M $19.71M $16.09M
YoY Change 15.59% 22.48% 74.58%
% of Gross Profit 24.63% 12.44% 27.24%
Operating Expenses $87.23M $89.78M $72.78M
YoY Change 12.09% 23.36% 53.54%
Operating Profit $62.00K $68.58M -$13.71M
YoY Change -99.61% -600.42% -273.04%
Interest Expense $12.25M $11.11M $10.49M
YoY Change 13.68% 5.92% 12.51%
% of Operating Profit 19751.61% 16.19%
Other Income/Expense, Net
YoY Change
Pretax Income -$12.18M $57.48M -$24.19M
YoY Change -334.13% -337.59% 1627.93%
Income Tax $94.00K $322.0K -$1.875M
% Of Pretax Income 0.56%
Net Earnings -$12.70M $57.00M -$22.10M
YoY Change -364.58% -357.92% 1478.57%
Net Earnings / Revenue -0.28% 1.11% -0.4%
Basic Earnings Per Share
Diluted Earnings Per Share -$466.9K $2.088M -$809.5K
COMMON SHARES
Basic Shares Outstanding 27.43M shares 27.43M shares 27.43M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.70M $13.10M $12.90M
YoY Change 72.16% 1.55% 72.0%
Cash & Equivalents $16.74M $13.06M $12.94M
Short-Term Investments
Other Short-Term Assets $100.6M $147.4M $98.90M
YoY Change 40.11% 49.04% -24.85%
Inventory $490.5M $460.5M $432.6M
Prepaid Expenses
Receivables $545.7M $644.2M $842.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.153B $1.263B $1.388B
YoY Change -2.29% -8.96% 2.48%
LONG-TERM ASSETS
Property, Plant & Equipment $811.3M $799.1M $784.7M
YoY Change 2.99% 1.84% 7.67%
Goodwill $154.1M $154.1M $107.6M
YoY Change 43.22% 43.22%
Intangibles $63.24M $134.6M
YoY Change -53.02%
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $30.61M $26.63M $18.95M
YoY Change 62.56% 40.52% 39.35%
Total Long-Term Assets $1.055B $1.043B $1.046B
YoY Change 1.12% -0.27% 29.51%
TOTAL ASSETS
Total Short-Term Assets $1.153B $1.263B $1.388B
Total Long-Term Assets $1.055B $1.043B $1.046B
Total Assets $2.208B $2.307B $2.434B
YoY Change -0.69% -5.22% 12.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $513.8M $599.0M $947.6M
YoY Change -32.75% -36.78% 104.39%
Accrued Expenses $54.95M $56.96M $54.80M
YoY Change 9.45% 3.95% 48.91%
Deferred Revenue
YoY Change
Short-Term Debt $3.700M $3.700M $0.00
YoY Change
Long-Term Debt Due $175.0M $175.0M $115.0M
YoY Change 52.17% 52.17% 1.95%
Total Short-Term Liabilities $882.8M $1.009B $1.205B
YoY Change -13.29% -16.26% 66.29%
LONG-TERM LIABILITIES
Long-Term Debt $772.4M $714.9M $669.2M
YoY Change 18.05% 6.83% -27.79%
Other Long-Term Liabilities $43.23M $42.00M $43.97M
YoY Change 5.09% -4.49% -42.29%
Total Long-Term Liabilities $43.23M $42.00M $43.97M
YoY Change 5.09% -4.49% -95.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $882.8M $1.009B $1.205B
Total Long-Term Liabilities $43.23M $42.00M $43.97M
Total Liabilities $1.735B $1.803B $1.957B
YoY Change -0.94% -7.86% 13.27%
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 $424.0M $455.4M $400.5M
YoY Change
Total Liabilities & Shareholders Equity $2.208B $2.307B $2.434B
YoY Change -0.69% -5.22% 12.58%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$12.70M $57.00M -$22.10M
YoY Change -364.58% -357.92% 1478.57%
Depreciation, Depletion And Amortization $21.50M $19.71M $16.09M
YoY Change 15.59% 22.48% 74.58%
Cash From Operating Activities -$3.500M $53.10M $282.8M
YoY Change -107.8% -81.22% -776.56%
INVESTING ACTIVITIES
Capital Expenditures -$31.20M -$13.10M -$12.30M
YoY Change 75.28% 6.5% 136.54%
Acquisitions $185.3M
YoY Change 0.42%
Other Investing Activities $1.700M $1.700M -$184.9M
YoY Change -19.05% -100.92% 0.22%
Cash From Investing Activities -$29.60M -$11.30M -$197.1M
YoY Change 87.34% -94.27% 3.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 36.70M -38.00M -78.70M
YoY Change -213.27% -51.72% -133.55%
NET CHANGE
Cash From Operating Activities -3.500M 53.10M 282.8M
Cash From Investing Activities -29.60M -11.30M -197.1M
Cash From Financing Activities 36.70M -38.00M -78.70M
Net Change In Cash 3.600M 3.800M 7.000M
YoY Change -209.09% -45.71% 125.81%
FREE CASH FLOW
Cash From Operating Activities -$3.500M $53.10M $282.8M
Capital Expenditures -$31.20M -$13.10M -$12.30M
Free Cash Flow $27.70M $66.20M $295.1M
YoY Change -55.82% -77.57% -906.28%

Facts In Submission

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CY2013Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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185281000 USD
CY2013Q1 us-gaap Payments To Acquire Productive Assets
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12258000 USD
CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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400000 USD
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-11329000 USD
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CY2013Q1 us-gaap Proceeds From Notes Payable
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16278000 USD
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CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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CY2014Q1 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
3847000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
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CY2013Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
13064000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5977000 USD
CY2014Q1 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
17874000 USD
CY2014Q1 us-gaap Concentration Risk Credit Risk
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Concentration of Risk</font></i></b></p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in;">&#160;</p> <p style="TEXT-INDENT: 25pt; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The following table presents the Partnership&#8217;s product sales and logistics revenue as a percentage of total sales for the periods presented:</font></p> <p style="TEXT-INDENT: 25pt; MARGIN: 0in 0in 0pt;">&#160;</p> <table style="text-align:left;WIDTH: 84.94%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 27.35pt;" border="0" cellspacing="0" cellpadding="0" width="84%"> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 74.04%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="74%"> <p style="MARGIN: 0in 0in 0pt;">&#160;</p></td> <td style="PADDING-BOTTOM: 0in; 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CY2014Q1 glp Assumed Allocation Of Net Income Loss
AssumedAllocationOfNetIncomeLoss
57010000 USD
CY2013Q1 glp Assumed Allocation Of Net Income Loss
AssumedAllocationOfNetIncomeLoss
-22067000 USD
CY2013Q4 us-gaap Goodwill
Goodwill
154078000 USD
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
28128000 USD
CY2014Q1 us-gaap Assets
Assets
2306503000 USD
CY2013Q4 us-gaap Assets
Assets
2427922000 USD
CY2013Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
781119000 USD
CY2013Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
3700000 USD
CY2013Q4 glp Trustee Taxes Payable Current
TrusteeTaxesPayableCurrent
80216000 USD
CY2013Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
65963000 USD
CY2013Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
38197000 USD
CY2014Q1 us-gaap Liabilities Current
LiabilitiesCurrent
1008913000 USD
CY2013Q4 us-gaap Liabilities Current
LiabilitiesCurrent
972572000 USD
CY2013Q4 glp Working Capital Revolving Credit Facility Noncurrent
WorkingCapitalRevolvingCreditFacilityNoncurrent
327000000 USD
CY2013Q4 glp Revolving Credit Facility
RevolvingCreditFacility
434700000 USD
CY2013Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
148268000 USD
CY2014Q1 us-gaap Liabilities
Liabilities
1803038000 USD
CY2013Q4 us-gaap Liabilities
Liabilities
1964742000 USD
CY2013Q4 us-gaap Limited Partners Capital Account
LimitedPartnersCapitalAccount
426785000 USD
CY2013Q4 us-gaap General Partners Capital Account
GeneralPartnersCapitalAccount
-238000 USD
CY2013Q4 us-gaap Partners Capital
PartnersCapital
415237000 USD
CY2013Q4 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
47943000 USD
CY2014Q1 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
503465000 USD
CY2013Q4 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
463180000 USD
CY2014Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2306503000 USD
CY2014Q1 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
48087000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
37298000 USD
CY2014Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
47952000 USD
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4528000 USD
CY2014Q1 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
1508000 USD
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
144000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2427922000 USD
CY2014Q1 glp Dividends Payable On Phantom Units
DividendsPayableOnPhantomUnits
-104000 USD
CY2013Q1 glp Uncancellable Purchase Commitments
UncancellablePurchaseCommitments
-32700000 USD
CY2013Q1 glp Renewable Identification Numbers Deficiency
RenewableIdentificationNumbersDeficiency
-2600000 USD
CY2014Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
2100000 USD
CY2014Q1 us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
851000 USD
CY2013Q1 glp Noncurrent Assets Attributed To Foreign Countries
NoncurrentAssetsAttributedToForeignCountries
0 USD
CY2014Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
4958567000 USD
CY2014Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
659000 USD
CY2014Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
609000 USD
CY2014Q1 us-gaap Partners Capital
PartnersCapital
455378000 USD
CY2014Q1 us-gaap Goodwill
Goodwill
154078000 USD
CY2014Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
26630000 USD
CY2014Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
599043000 USD
CY2014Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
3700000 USD
CY2014Q1 glp Trustee Taxes Payable Current
TrusteeTaxesPayableCurrent
80917000 USD
CY2014Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
56963000 USD
CY2014Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
89930000 USD
CY2014Q1 glp Working Capital Revolving Credit Facility Noncurrent
WorkingCapitalRevolvingCreditFacilityNoncurrent
131800000 USD
CY2014Q1 glp Revolving Credit Facility
RevolvingCreditFacility
434700000 USD
CY2014Q1 us-gaap Senior Long Term Notes
SeniorLongTermNotes
148373000 USD
CY2014Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
42000000 USD
CY2014Q1 us-gaap General Partners Capital Account
GeneralPartnersCapitalAccount
198000 USD
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
19706000 USD
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1283000 USD
CY2014Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
105000 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
250000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
851000 USD
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-41898000 USD
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
234000 USD
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-112328000 USD
CY2014Q1 us-gaap Increase Decrease In Margin Deposits Outstanding
IncreaseDecreaseInMarginDepositsOutstanding
-6599000 USD
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
11416000 USD
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-182076000 USD
CY2014Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-17252000 USD
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-11255000 USD
CY2014Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
13075000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1746000 USD
CY2014Q1 glp Payments On Borrowings From Working Capital Revolving Credit Facility
PaymentsOnBorrowingsFromWorkingCapitalRevolvingCreditFacility
-20200000 USD
CY2014Q1 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
17770000 USD
CY2014Q1 us-gaap Interest Paid Net
InterestPaidNet
9587000 USD
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
322000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
178000 USD
CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
128000 USD
CY2013Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
2100000 USD
CY2014Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
2400000 USD
CY2014Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
2400000 USD
CY2014Q1 us-gaap Partners Capital Account Contributions
PartnersCapitalAccountContributions
2400000 USD
CY2014Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2400000 USD
CY2014Q1 glp Working Capital Revolving Credit Facility Current
WorkingCapitalRevolvingCreditFacilityCurrent
175000000 USD

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