2018 Q4 Form 10-K Financial Statement

#000004591919000013 Filed on March 18, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q1 2017 Q4
Revenue $70.21M $81.20M $99.87M
YoY Change -29.7% -14.43% -9.3%
Cost Of Revenue $64.59M $74.80M $86.70M
YoY Change -25.5% -14.22% -7.57%
Gross Profit $5.623M $6.400M $13.10M
YoY Change -57.08% -16.88% -19.63%
Gross Profit Margin 8.01% 7.88% 13.12%
Selling, General & Admin $7.321M $9.300M $10.00M
YoY Change -26.79% -16.22% 4.17%
% of Gross Profit 130.2% 145.31% 76.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.572M $2.151M $2.400M
YoY Change -34.5% -27.04% -17.24%
% of Gross Profit 27.96% 33.61% 18.32%
Operating Expenses $8.894M $11.50M $12.30M
YoY Change -27.69% -17.86% -2.38%
Operating Profit -$4.338M -$5.035M -$33.68M
YoY Change -87.12% -20.61% -2.41%
Interest Expense -$262.0K -$900.0K -$1.300M
YoY Change -79.85% -10.0% 18.18%
% of Operating Profit
Other Income/Expense, Net -$1.072M $28.88M -$1.000M
YoY Change 7.2% -1246.19% -90.38%
Pretax Income -$5.673M $23.85M -$35.94M
YoY Change -84.22% -369.12% -22.68%
Income Tax -$7.312M -$8.780M -$3.200M
% Of Pretax Income -36.81%
Net Earnings $1.639M $32.63M -$29.34M
YoY Change -105.59% -541.74% -75.13%
Net Earnings / Revenue 2.33% 40.18% -29.38%
Basic Earnings Per Share $0.21 $5.24 -$4.73
Diluted Earnings Per Share $0.21 $4.67 -$4.73
COMMON SHARES
Basic Shares Outstanding 6.254M shares 6.213M shares 62.07M shares
Diluted Shares Outstanding 6.990M shares

Balance Sheet

Concept 2018 Q4 2018 Q1 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.88M $22.80M $8.400M
YoY Change 148.6% -47.71% -81.74%
Cash & Equivalents $20.88M $22.85M $8.397M
Short-Term Investments
Other Short-Term Assets $2.536M $4.273M $3.900M
YoY Change -34.97% 19.39% -20.96%
Inventory $448.0K $473.0K $587.0K
Prepaid Expenses $4.088M $6.052M $5.039M
Receivables $54.24M $77.09M $81.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $105.0M $101.4M $103.2M
YoY Change 1.73% -23.85% -30.93%
LONG-TERM ASSETS
Property, Plant & Equipment $13.59M $20.00M $21.79M
YoY Change -37.61% -9.57% -8.93%
Goodwill $0.00 $0.00
YoY Change -100.0%
Intangibles $0.00 $0.00 $2.589M
YoY Change -100.0% -100.0% -21.59%
Long-Term Investments
YoY Change
Other Assets $6.591M $4.248M $3.230M
YoY Change 104.06% 49.52% 42.17%
Total Long-Term Assets $20.18M $24.15M $27.61M
YoY Change -26.89% -61.39% -56.87%
TOTAL ASSETS
Total Short-Term Assets $105.0M $101.4M $103.2M
Total Long-Term Assets $20.18M $24.15M $27.61M
Total Assets $125.2M $125.6M $130.8M
YoY Change -4.31% -35.85% -38.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.05M $26.60M $36.13M
YoY Change -14.05% -32.74% -20.7%
Accrued Expenses $6.783M $7.400M $10.60M
YoY Change -36.01% -26.73% 6.0%
Deferred Revenue $6.034M $5.906M $5.342M
YoY Change 12.95%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $54.16M $52.85M $67.25M
YoY Change -19.46% -43.46% -35.75%
LONG-TERM LIABILITIES
Long-Term Debt $14.20M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.060M $4.503M $4.201M
YoY Change -3.36% 15.17% -6.83%
Total Long-Term Liabilities $18.26M $4.503M $4.201M
YoY Change 334.66% 15.17% -6.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.16M $52.85M $67.25M
Total Long-Term Liabilities $18.26M $4.503M $4.201M
Total Liabilities $134.6M $116.5M $165.4M
YoY Change -18.62% -41.63% -21.51%
SHAREHOLDERS EQUITY
Retained Earnings $812.7M $795.2M $794.6M
YoY Change 2.28% -4.09% -5.1%
Common Stock $466.0M $469.6M $469.3M
YoY Change -0.7% -0.19% -0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.251B $1.254B $1.254B
YoY Change -0.22% -0.28% -0.4%
Treasury Stock Shares 5.865M shares 5.864M shares 5.865M shares
Shareholders Equity -$19.18M -$638.0K -$34.64M
YoY Change
Total Liabilities & Shareholders Equity $125.2M $125.6M $130.8M
YoY Change -4.31% -35.85% -38.71%

Cashflow Statement

Concept 2018 Q4 2018 Q1 2017 Q4
OPERATING ACTIVITIES
Net Income $1.639M $32.63M -$29.34M
YoY Change -105.59% -541.74% -75.13%
Depreciation, Depletion And Amortization $1.572M $2.151M $2.400M
YoY Change -34.5% -27.04% -17.24%
Cash From Operating Activities -$2.168M $2.801M $11.20M
YoY Change -119.36% -610.2% -194.12%
INVESTING ACTIVITIES
Capital Expenditures -$1.372M $1.618M -$1.600M
YoY Change -14.25% -5.66% -900.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $3.900M $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.372M $2.311M -$1.600M
YoY Change -14.25% -234.75% -101.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.85M $9.493M -12.30M
YoY Change -212.61% -6692.36% -80.63%
NET CHANGE
Cash From Operating Activities -2.168M $2.801M 11.20M
Cash From Investing Activities -1.372M $2.311M -1.600M
Cash From Financing Activities 13.85M $9.493M -12.30M
Net Change In Cash 10.31M $14.45M -2.700M
YoY Change -481.89% -700.04% -107.34%
FREE CASH FLOW
Cash From Operating Activities -$2.168M $2.801M $11.20M
Capital Expenditures -$1.372M $1.618M -$1.600M
Free Cash Flow -$796.0K $1.183M $12.80M
YoY Change -106.22% -152.25% -205.79%

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428000 USD
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1757000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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780000 USD
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1619000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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1584000 USD
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179000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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100000 USD
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28350000 USD
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
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31170000 USD
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773000 USD
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701000 USD
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0 USD
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972000 USD
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281000 USD
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0 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
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331000 USD
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1941000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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1689000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter
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57856000 USD
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10133000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
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11251000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
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10962000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
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10606000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
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10365000 USD
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3000000 USD
CY2018 us-gaap Defined Contribution Plan Cost Recognized
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400000 USD
CY2017 us-gaap Depreciation
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9791000 USD
CY2018 us-gaap Depreciation
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7339000 USD
CY2017 us-gaap Depreciation Depletion And Amortization
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10507000 USD
CY2018 us-gaap Depreciation Depletion And Amortization
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7452000 USD
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CY2017 us-gaap Earnings Per Share Basic
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5.24
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2.39
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CY2017 us-gaap Earnings Per Share Diluted
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4.67
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-1.10
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-1.62
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0.21
CY2018 us-gaap Earnings Per Share Diluted
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2.38
CY2017 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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316000 USD
CY2018 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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10601000 USD
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6783000 USD
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2184000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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0 USD
CY2017Q4 us-gaap Furniture And Fixtures Gross
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84747000 USD
CY2018Q4 us-gaap Furniture And Fixtures Gross
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80230000 USD
CY2017 us-gaap Gain Loss On Disposition Of Assets1
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27000 USD
CY2018 us-gaap Gain Loss On Disposition Of Assets1
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207000 USD
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0 USD
CY2018 us-gaap Gain Loss On Sale Of Business
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30954000 USD
CY2017 us-gaap Gain Loss On Sale Of Property Plant Equipment
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-18000 USD
CY2018 us-gaap Gain Loss On Sale Of Property Plant Equipment
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-225000 USD
CY2016Q4 us-gaap Goodwill
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34510000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
0 USD
CY2018Q4 us-gaap Goodwill
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0 USD
CY2017 us-gaap Goodwill Acquired During Period
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0 USD
CY2017Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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283100000 USD
CY2018Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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283100000 USD
CY2017 us-gaap Goodwill Impairment Loss
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34500000 USD
CY2017 us-gaap Goodwill Impairment Loss
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34510000 USD
CY2018 us-gaap Goodwill Impairment Loss
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0 USD
CY2017 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
CY2018 us-gaap Impairment Of Long Lived Assets Held For Use
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3800000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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4311000 USD
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CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2017Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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23849000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2018Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-562000 USD
CY2017 us-gaap Income Tax Effects Allocated Directly To Equity
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755000 USD
CY2018 us-gaap Income Tax Effects Allocated Directly To Equity
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0 USD
CY2017 us-gaap Income Tax Expense Benefit
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CY2018 us-gaap Income Tax Expense Benefit
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CY2017 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
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CY2018 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
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CY2017 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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2265000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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3383000 USD
CY2017 us-gaap Income Tax Reconciliation Disposition Of Business
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0 USD
CY2018 us-gaap Income Tax Reconciliation Disposition Of Business
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CY2017 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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187000 USD
CY2018 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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189000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-18114000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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6000000 USD
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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0 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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1373000 USD
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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437000 USD
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664000 USD
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
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70000 USD
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CY2018 us-gaap Income Tax Reconciliation Other Reconciling Items
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0 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
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32914000 USD
CY2018 us-gaap Income Taxes Paid Net
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CY2018 us-gaap Increase Decrease In Other Accrued Liabilities
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CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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16930000 USD
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0 USD
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292000 USD
CY2018 us-gaap Interest Paid Net
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199000 USD
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CY2018Q4 us-gaap Liabilities
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130812000 USD
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14200000 USD
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22732000 USD
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17550000 USD
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14891000 USD
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14902000 USD
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CY2018 us-gaap Nonoperating Income Expense
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25472000 USD
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1
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950000 USD
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32629000 USD
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3230000 USD
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4248000 USD
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-2597000 USD
CY2018 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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1166000 USD
CY2017 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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-1559000 USD
CY2018 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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1166000 USD
CY2017 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
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-1038000 USD
CY2018 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
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0 USD
CY2017 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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316000 USD
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-1014000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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1875000 USD
CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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3732000 USD
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CY2018Q4 us-gaap Other Liabilities Noncurrent
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4060000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
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4503000 USD
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CY2018 us-gaap Other Nonoperating Income Expense
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CY2017 us-gaap Payments Of Debt Restructuring Costs
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635000 USD
CY2018 us-gaap Payments Of Debt Restructuring Costs
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591000 USD
CY2017 us-gaap Payments Of Stock Issuance Costs
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111000 USD
CY2018 us-gaap Payments Of Stock Issuance Costs
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115000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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5684000 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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4206000 USD
CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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59338000 USD
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62214000 USD
CY2018 us-gaap Preferred Stock Dividend Rate Percentage
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5
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0 USD
CY2018 us-gaap Preferred Stock Dividends Income Statement Impact
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457000 USD
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1000000 shares
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5039000 USD
CY2018Q4 us-gaap Prepaid Expense Current
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4088000 USD
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3886000 USD
CY2018Q4 us-gaap Prepaid Taxes
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20436000 USD
CY2017 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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0 USD
CY2018 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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3929000 USD
CY2017 us-gaap Proceeds From Issuance Of Debt
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30000000 USD
CY2018 us-gaap Proceeds From Issuance Of Debt
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23200000 USD
CY2017 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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0 USD
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0 USD
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0 USD
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P1Y
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0 USD
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2202000 USD
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0 USD
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UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
2191000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
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967000 USD
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206000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
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0 USD
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0 USD
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761000 USD
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206000 USD
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0 USD
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0 USD
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0 USD
CY2018 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0 USD
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3250000 USD
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40148000 USD
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28400000 USD
CY2017Q4 us-gaap Valuation Allowances And Reserves Balance
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28350000 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
31170000 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
31200000 USD
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-1227000 USD
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3383000 USD
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291000 USD
CY2017 us-gaap Valuation Allowances And Reserves Deductions
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13821000 USD
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
33000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6192000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6270000 shares
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6192000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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6237000 shares
CY2018 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:Arial;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes could differ from those estimates and assumptions. Such estimates include, but are not limited to, estimates related to pension accounting; fair value for purposes of assessing goodwill, long-lived assets, and intangible assets for impairment; income taxes; and contingencies.&#160;On an ongoing basis, management reviews its estimates based on currently available information.&#160;Changes in facts and circumstances could result in revised estimates and assumptions.</font></div></div>

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