2018 Q4 Form 10-Q Financial Statement

#000171730718000032 Filed on October 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $42.07M $40.43M $39.07M
YoY Change 6.8% 3.49%
Cost Of Revenue $5.230M $4.940M $4.580M
YoY Change 13.45% 7.86%
Gross Profit $36.84M $35.49M $34.49M
YoY Change 5.92% 2.9%
Gross Profit Margin 87.56% 87.78% 88.29%
Selling, General & Admin $2.920M $2.920M $350.0K
YoY Change -68.43% 734.29%
% of Gross Profit 7.93% 8.23% 1.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.400M $6.800M $200.0K
YoY Change -42.64% 3300.0% -98.48%
% of Gross Profit 20.09% 19.16% 0.58%
Operating Expenses $13.94M $13.36M $10.08M
YoY Change -25.25% 32.54%
Operating Profit $22.90M $22.13M $23.48M
YoY Change 41.97% -5.74%
Interest Expense -$4.610M $4.052M $565.0K
YoY Change 506.58% 617.17%
% of Operating Profit -20.13% 18.31% 2.41%
Other Income/Expense, Net
YoY Change
Pretax Income $18.30M $18.15M $22.91M
YoY Change 19.76% -20.79%
Income Tax $10.00K $9.000K $11.00K
% Of Pretax Income 0.05% 0.05% 0.05%
Net Earnings $18.29M $18.14M $22.90M
YoY Change 19.77% -20.79%
Net Earnings / Revenue 43.47% 44.87% 58.63%
Basic Earnings Per Share
Diluted Earnings Per Share $281.2K $279.0K $218.1K
COMMON SHARES
Basic Shares Outstanding 65.07M shares 65.02M shares
Diluted Shares Outstanding 65.02M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.600M $11.10M
YoY Change
Cash & Equivalents $9.608M $11.10M $0.00
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $56.90M $55.60M $50.80M
Other Receivables $1.400M $1.400M $0.00
Total Short-Term Assets $67.90M $68.10M $50.80M
YoY Change 31.33% 34.06%
LONG-TERM ASSETS
Property, Plant & Equipment $1.369B $1.346B $1.272B
YoY Change 7.89% 5.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.60M $10.00M $5.400M
YoY Change 100.0% 85.19%
Total Long-Term Assets $1.467B $1.439B $1.366B
YoY Change 7.85% 5.28%
TOTAL ASSETS
Total Short-Term Assets $67.90M $68.10M $50.80M
Total Long-Term Assets $1.467B $1.439B $1.366B
Total Assets $1.535B $1.507B $1.417B
YoY Change 8.71% 6.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.00M $11.80M $11.30M
YoY Change 8.11% 4.42%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.80M $19.70M $20.60M
YoY Change -17.15% -4.37%
LONG-TERM LIABILITIES
Long-Term Debt $462.2M $429.3M $814.0M
YoY Change -42.18% -47.26%
Other Long-Term Liabilities $24.30M $26.50M $28.60M
YoY Change -7.25% -7.34%
Total Long-Term Liabilities $486.5M $455.8M $842.6M
YoY Change -41.07% -45.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.80M $19.70M $20.60M
Total Long-Term Liabilities $486.5M $455.8M $842.6M
Total Liabilities $506.3M $475.4M $863.2M
YoY Change -40.39% -44.92%
SHAREHOLDERS EQUITY
Retained Earnings $89.66M $71.37M
YoY Change 487.18%
Common Stock $999.1M $998.8M
YoY Change 82.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.028B $1.031B $554.0M
YoY Change
Total Liabilities & Shareholders Equity $1.535B $1.507B $1.417B
YoY Change 8.71% 6.31%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $18.29M $18.14M $22.90M
YoY Change 19.77% -20.79%
Depreciation, Depletion And Amortization $7.400M $6.800M $200.0K
YoY Change -42.64% 3300.0% -98.48%
Cash From Operating Activities $26.60M $24.40M $25.80M
YoY Change 7.26% -5.43% -68.07%
INVESTING ACTIVITIES
Capital Expenditures -$2.900M -$600.0K -$1.600M
YoY Change 93.33% -62.5% 60.0%
Acquisitions
YoY Change
Other Investing Activities -$35.40M -$51.80M $0.00
YoY Change
Cash From Investing Activities -$38.30M -$52.40M -$1.500M
YoY Change 2293.75% 3393.33% 50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.40M 23.40M -24.30M
YoY Change -145.02% -196.3% -69.55%
NET CHANGE
Cash From Operating Activities 26.60M 24.40M 25.80M
Cash From Investing Activities -38.30M -52.40M -1.500M
Cash From Financing Activities 10.40M 23.40M -24.30M
Net Change In Cash -1.300M -4.600M 0.00000001118
YoY Change -1400.0% -41160103253333500.0%
FREE CASH FLOW
Cash From Operating Activities $26.60M $24.40M $25.80M
Capital Expenditures -$2.900M -$600.0K -$1.600M
Free Cash Flow $29.50M $25.00M $27.40M
YoY Change 12.17% -8.76% -66.5%

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ProceedsFromContributionsFromParent
16162000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
444309000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
160000000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
456000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
982000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
74614000 USD
CY2018Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
88278000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1343602000 USD
CY2018Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1434414000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1268988000 USD
CY2018Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1346136000 USD
CY2017Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
39066000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
117111000 USD
CY2018Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
40431000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
120456000 USD
CY2017Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
4579000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
13257000 USD
CY2018Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
4942000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
14109000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
530000000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
25000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
15269000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
71369000 USD
CY2017Q4 us-gaap Secured Debt
SecuredDebt
49427000 USD
CY2018Q3 us-gaap Secured Debt
SecuredDebt
49251000 USD
CY2017Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
5674000 USD
CY2018Q3 us-gaap Security Deposit Liability
SecurityDepositLiability
5895000 USD
us-gaap Stock Issued1
StockIssued1
554043000 USD
us-gaap Stock Issued1
StockIssued1
0 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
562208000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
1031207000 USD
us-gaap Straight Line Rent
StraightLineRent
4421000 USD
us-gaap Straight Line Rent
StraightLineRent
3360000 USD
CY2017Q3 us-gaap Tenant Reimbursements
TenantReimbursements
5442000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
16190000 USD
CY2018Q3 us-gaap Tenant Reimbursements
TenantReimbursements
5650000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
16986000 USD
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
45000000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
45000000 shares
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
65022000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
63839000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of fixed assets and the assessments of the carrying values and impairments of long lived assets.</font></div></div>

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