2017 Q1 Form 10-Q Financial Statement

#000123400617000006 Filed on May 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $22.31M $21.53M
YoY Change 3.66% 8.28%
Cost Of Revenue $2.460M $2.470M
YoY Change -0.4% 36.46%
Gross Profit $19.85M $19.06M
YoY Change 4.14% 5.48%
Gross Profit Margin 88.96% 88.54%
Selling, General & Admin $1.580M $1.600M
YoY Change -1.25% -41.39%
% of Gross Profit 7.96% 8.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.920M $9.130M
YoY Change 8.65% 11.21%
% of Gross Profit 49.97% 47.9%
Operating Expenses $17.71M $13.26M
YoY Change 33.57% 12.76%
Operating Profit $2.142M $5.803M
YoY Change -63.09% -8.08%
Interest Expense $6.158M $6.731M
YoY Change -8.51% -0.59%
% of Operating Profit 287.49% 115.99%
Other Income/Expense, Net -$250.0K -$7.417M
YoY Change -96.63% -0.16%
Pretax Income $4.360M $850.0K
YoY Change 412.94% 23.19%
Income Tax
% Of Pretax Income
Net Earnings $4.356M $853.0K
YoY Change 410.67% 22.91%
Net Earnings / Revenue 19.52% 3.96%
Basic Earnings Per Share $0.07 -$0.02
Diluted Earnings Per Share $0.07 -$0.02
COMMON SHARES
Basic Shares Outstanding 24.96M shares 22.55M shares
Diluted Shares Outstanding 24.96M shares 22.55M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.100M $5.000M
YoY Change -18.0% -13.79%
Cash & Equivalents $4.105M $5.010M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $2.400M $4.200M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.500M $9.200M
YoY Change -29.35% 4.55%
LONG-TERM ASSETS
Property, Plant & Equipment $683.9M $659.8M
YoY Change 3.65% 2.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.50M $38.30M
YoY Change -2.09% -13.74%
Total Long-Term Assets $826.5M $802.3M
YoY Change 3.02% 0.47%
TOTAL ASSETS
Total Short-Term Assets $6.500M $9.200M
Total Long-Term Assets $826.5M $802.3M
Total Assets $833.0M $811.5M
YoY Change 2.65% 0.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.100M $1.900M
YoY Change 10.53% 11.76%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.500M $4.600M
YoY Change -23.91% 170.59%
LONG-TERM LIABILITIES
Long-Term Debt $496.3M $556.2M
YoY Change -10.77% 1.35%
Other Long-Term Liabilities $23.60M $21.20M
YoY Change 11.32% -4.5%
Total Long-Term Liabilities $519.9M $577.4M
YoY Change -9.96% 1.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.500M $4.600M
Total Long-Term Liabilities $519.9M $577.4M
Total Liabilities $525.4M $583.9M
YoY Change -10.02% 0.65%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $25.00K $23.00K
YoY Change 8.7% 15.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $234.6M $227.6M
YoY Change
Total Liabilities & Shareholders Equity $833.0M $811.5M
YoY Change 2.65% 0.52%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $4.356M $853.0K
YoY Change 410.67% 22.91%
Depreciation, Depletion And Amortization $9.920M $9.130M
YoY Change 8.65% 11.21%
Cash From Operating Activities $10.48M $8.782M
YoY Change 19.28% -1.77%
INVESTING ACTIVITIES
Capital Expenditures -$4.960M -$1.690M
YoY Change 193.49% -94.38%
Acquisitions
YoY Change
Other Investing Activities $15.00M $7.510M
YoY Change 99.73% -1237.88%
Cash From Investing Activities $10.12M $5.822M
YoY Change 73.87% -118.96%
FINANCING ACTIVITIES
Cash Dividend Paid $11.98M $9.736M
YoY Change 23.08% 10.61%
Common Stock Issuance & Retirement, Net -$4.657M -$2.622M
YoY Change 77.61% -114.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$21.07M -$14.75M
YoY Change 42.85% -177.9%
NET CHANGE
Cash From Operating Activities $10.48M $8.782M
Cash From Investing Activities $10.12M $5.822M
Cash From Financing Activities -$21.07M -$14.75M
Net Change In Cash -$467.0K -$142.0K
YoY Change 228.87% -95.0%
FREE CASH FLOW
Cash From Operating Activities $10.48M $8.782M
Capital Expenditures -$4.960M -$1.690M
Free Cash Flow $15.44M $10.47M
YoY Change 47.39% -73.14%

Facts In Submission

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CY2017Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
86000 USD
CY2017Q1 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-78000 USD
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2016Q1 us-gaap Interest Expense
InterestExpense
6731000 USD
CY2017Q1 us-gaap Interest Expense
InterestExpense
6158000 USD
CY2016Q4 us-gaap Interest Rate Fair Value Hedge Derivative At Fair Value Net
InterestRateFairValueHedgeDerivativeAtFairValueNet
101000 USD
CY2017Q1 us-gaap Interest Rate Fair Value Hedge Derivative At Fair Value Net
InterestRateFairValueHedgeDerivativeAtFairValueNet
131000 USD
CY2016Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
662661000 USD
CY2017Q1 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
663262000 USD
CY2016Q4 us-gaap Land
Land
104719000 USD
CY2017Q1 us-gaap Land
Land
104337000 USD
CY2016Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000 USD
CY2017Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
541122000 USD
CY2017Q1 us-gaap Liabilities
Liabilities
525408000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
851742000 USD
CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
832977000 USD
CY2016Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
1041000 USD
CY2017Q1 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
332000 USD
CY2016Q4 us-gaap Line Of Credit
LineOfCredit
39225000 USD
CY2017Q1 us-gaap Line Of Credit
LineOfCredit
63797000 USD
CY2013Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
100000000.0 USD
CY2015Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
150000000.0 USD
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
509395000 USD
CY2017Q1 us-gaap Long Term Debt
LongTermDebt
496268000 USD
CY2016Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
24892000 USD
CY2017Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
24897000 USD
CY2017Q1 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
0 USD
CY2014Q3 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
5600000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14746000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-21065000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5822000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
10037000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8782000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10475000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
853000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
4356000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-426000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1735000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-426000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1735000 USD
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7417000 USD
CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-250000 USD
CY2017Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
412200000 USD
CY2017Q1 us-gaap Number Of Properties Subject To Ground Leases
NumberOfPropertiesSubjectToGroundLeases
4 lease
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
13257000 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
17708000 USD
CY2016Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
20657000 USD
CY2017Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
21954000 USD
CY2016Q4 us-gaap Other Assets
OtherAssets
2320000 USD
CY2017Q1 us-gaap Other Assets
OtherAssets
3039000 USD
CY2016Q4 us-gaap Other Liabilities
OtherLiabilities
6667000 USD
CY2017Q1 us-gaap Other Liabilities
OtherLiabilities
7488000 USD
CY2016Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
0 USD
CY2017Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
2000 USD
CY2016Q1 us-gaap Payments For Commissions
PaymentsForCommissions
372000 USD
CY2017Q1 us-gaap Payments For Commissions
PaymentsForCommissions
167000 USD
CY2016Q1 us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
28000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
178000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2016Q1 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
69000 USD
CY2016Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
9736000 USD
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
18000000 USD
CY2017Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
11983000 USD
CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
380000 USD
CY2017Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
17000 USD
CY2016Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
52000 USD
CY2017Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
81000 USD
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
2000 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
2000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2800000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4657000 USD
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
15800000 USD
CY2017Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
38500000 USD
CY2016Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
18475000 USD
CY2017Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
CY2016Q1 us-gaap Proceeds From Sale And Collection Of Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
5900000 USD
CY2017Q1 us-gaap Proceeds From Sale And Collection Of Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
0 USD
CY2016Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
0 USD
CY2017Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
12398000 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
131661000 USD
CY2017Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
138070000 USD
CY2016Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
821749000 USD
CY2017Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
821921000 USD
CY2016Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
690088000 USD
CY2017Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
683851000 USD
CY2016Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
21527000 USD
CY2017Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
22314000 USD
CY2016Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
70743000 USD
CY2017Q1 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
72965000 USD
CY2016Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
1027000 USD
CY2017Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
2373000 USD
CY2017Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
14000000 USD
CY2016Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
23534000 USD
CY2017Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
38063000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3030000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3116000 USD
CY2016Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
445278000 USD
CY2017Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
407574000 USD
CY2017Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2354000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
239877000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
234604000 USD
CY2016Q1 us-gaap Straight Line Rent
StraightLineRent
1087000 USD
CY2017Q1 us-gaap Straight Line Rent
StraightLineRent
795000 USD
CY2016Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
70743000 USD
CY2017Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
72965000 USD
CY2016Q4 us-gaap Tenant Improvements
TenantImprovements
54369000 USD
CY2017Q1 us-gaap Tenant Improvements
TenantImprovements
54322000 USD
CY2016Q1 us-gaap Tenant Reimbursements
TenantReimbursements
485000 USD
CY2017Q1 us-gaap Tenant Reimbursements
TenantReimbursements
360000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22545285 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24963926 shares
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22545285 shares
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24963926 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22545285 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24963926 shares
CY2017Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain items on condensed consolidated statement of operations for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> have been reclassified to conform to the current period's presentation. These reclassifications had no impact on previously-reported equity, net loss, or net change in cash and cash equivalents.</font></div></div>
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates.</font></div></div>

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