$INVX
Innovex International, Inc.

2012 Q4 Form 10-K Financial Statement

#000119312513081240 Filed on February 28, 2013

View on sec.gov

Income Statement

Concept 2012 Q4 2012 2011 Q4
Revenue $188.5M $733.0M $171.6M
YoY Change 9.81% 21.9% 21.22%
Cost Of Revenue $114.5M $451.7M $103.2M
YoY Change 10.87% 24.82% 26.22%
Gross Profit $74.01M $281.4M $68.40M
YoY Change 8.2% 17.48% 14.38%
Gross Profit Margin 39.27% 38.38% 39.85%
Selling, General & Admin $23.60M $82.22M $17.90M
YoY Change 31.84% 16.6% 11.88%
% of Gross Profit 31.89% 29.22% 26.17%
Research & Development $8.800M $37.50M $8.900M
YoY Change -1.12% 8.38% 11.25%
% of Gross Profit 11.89% 13.33% 13.01%
Depreciation & Amortization $6.800M $26.22M $6.000M
YoY Change 13.33% 13.95% 7.14%
% of Gross Profit 9.19% 9.32% 8.77%
Operating Expenses $32.40M $82.22M $26.90M
YoY Change 20.45% 16.6% 12.55%
Operating Profit $41.59M $161.7M $36.84M
YoY Change 12.89% 24.72% 2.62%
Interest Expense $100.0K $32.00K $100.0K
YoY Change 0.0% -39.62%
% of Operating Profit 0.24% 0.02% 0.27%
Other Income/Expense, Net
YoY Change
Pretax Income $41.70M $162.1M $37.00M
YoY Change 12.7% 24.71% 36.53%
Income Tax $10.80M $42.91M $8.800M
% Of Pretax Income 25.9% 26.47% 23.78%
Net Earnings $30.95M $119.2M $28.12M
YoY Change 10.06% 25.13% 34.56%
Net Earnings / Revenue 16.42% 16.26% 16.38%
Basic Earnings Per Share $0.77 $2.96 $0.70
Diluted Earnings Per Share $0.76 $2.94 $0.70
COMMON SHARES
Basic Shares Outstanding 40.44M shares 40.33M shares
Diluted Shares Outstanding 40.52M shares

Balance Sheet

Concept 2012 Q4 2012 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $257.2M $257.2M $298.6M
YoY Change -13.86% -13.86% 21.43%
Cash & Equivalents $257.2M $257.2M $298.6M
Short-Term Investments
Other Short-Term Assets $17.97M $41.80M $18.96M
YoY Change -5.25% -2.56% -52.6%
Inventory $362.2M $362.2M $277.8M
Prepaid Expenses
Receivables $263.2M $263.2M $180.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $924.4M $924.4M $799.3M
YoY Change 15.65% 15.65% 16.14%
LONG-TERM ASSETS
Property, Plant & Equipment $296.0M $296.0M $274.6M
YoY Change 7.79% 7.79% 11.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.08M $11.10M $11.96M
YoY Change -7.36% -7.5% -8.73%
Total Long-Term Assets $325.3M $307.0M $286.6M
YoY Change 13.53% 7.12% 10.07%
TOTAL ASSETS
Total Short-Term Assets $924.4M $924.4M $799.3M
Total Long-Term Assets $325.3M $307.0M $286.6M
Total Assets $1.250B $1.231B $1.086B
YoY Change 15.09% 13.4% 14.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.30M $28.30M $35.58M
YoY Change -20.46% -20.51% 14.41%
Accrued Expenses $34.90M $34.90M $33.30M
YoY Change 4.8% 4.8% 14.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $57.00K
YoY Change -100.0% -100.0% -81.0%
Total Short-Term Liabilities $155.1M $155.1M $151.0M
YoY Change 2.71% 2.72% 35.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $155.1M $155.1M $151.0M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $165.0M $165.0M $160.6M
YoY Change 2.74% 2.74% 33.29%
SHAREHOLDERS EQUITY
Retained Earnings $900.0M $780.8M
YoY Change 15.27%
Common Stock $180.3M $162.9M
YoY Change 10.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.066B $1.066B $925.2M
YoY Change
Total Liabilities & Shareholders Equity $1.231B $1.231B $1.086B
YoY Change 13.41% 13.4% 14.47%

Cashflow Statement

Concept 2012 Q4 2012 2011 Q4
OPERATING ACTIVITIES
Net Income $30.95M $119.2M $28.12M
YoY Change 10.06% 25.13% 34.56%
Depreciation, Depletion And Amortization $6.800M $26.22M $6.000M
YoY Change 13.33% 13.95% 7.14%
Cash From Operating Activities $1.800M -$8.159M $50.70M
YoY Change -96.45% -108.01% 717.74%
INVESTING ACTIVITIES
Capital Expenditures -$10.20M $50.77M -$11.10M
YoY Change -8.11% -9.68% -57.63%
Acquisitions
YoY Change
Other Investing Activities $500.0K $1.800M -$300.0K
YoY Change -266.67% -10.0% -142.86%
Cash From Investing Activities -$9.700M -$49.00M -$11.30M
YoY Change -14.16% -9.57% -55.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $39.00K
YoY Change -85.5%
Cash From Financing Activities 1.000M 12.26M 4.700M
YoY Change -78.72% 140.43% -41.98%
NET CHANGE
Cash From Operating Activities 1.800M -8.159M 50.70M
Cash From Investing Activities -9.700M -49.00M -11.30M
Cash From Financing Activities 1.000M 12.26M 4.700M
Net Change In Cash -6.900M -44.90M 44.10M
YoY Change -115.65% -185.1% -490.27%
FREE CASH FLOW
Cash From Operating Activities $1.800M -$8.159M $50.70M
Capital Expenditures -$10.20M $50.77M -$11.10M
Free Cash Flow $12.00M -$58.93M $61.80M
YoY Change -80.58% -229.12% 90.74%

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CY2012 us-gaap Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Revenues recognized under the percentage-of-completion method</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">The contracts call for products which are designed to customer specifications;</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">The structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">The contracts contain specific terms as to milestones, progress billings and delivery dates; and</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Product requirements cannot be filled directly from the Company&#x2019;s standard inventory.</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">For each project, the Company prepares a detailed analysis of estimated costs, profit margin, completion date and risk factors which include availability of material, production efficiencies and other factors that may impact the project. On a quarterly basis, management reviews the progress of each project, which may result in revisions of previous estimates, including revenue recognition. The Company calculates the percent complete and applies the percentage to determine the revenues earned and the appropriate portion of total estimated costs. Losses, if any, are recorded in full in the period they become known. Historically, the Company&#x2019;s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Under the percentage-of-completion method, billings do not always correlate directly to the revenue recognized. Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in customer prepayments as a liability on the Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings in which case the amounts are reported in trade receivables. Unbilled revenues are expected to be billed and collected within one year. At December&#xA0;31, 2012 and 2011, receivables included $62.1 million and $30.5 million of unbilled receivables, respectively. For the year ended December&#xA0;31, 2012, there were 21 projects representing approximately 20% of the Company&#x2019;s total revenues and approximately 24% of its product revenues that were accounted for using percentage-of-completion accounting, compared to 18 projects during 2011 which represented 20% of the Company&#x2019;s total revenue and 23% of its product revenues.</font></p> </div>
CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
123822000
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.96
CY2012 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
100000000
CY2012 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
81884000
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M19D
CY2012 us-gaap Cost Of Goods Sold
CostOfGoodsSold
384513000
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
338000
CY2012 us-gaap Net Income Loss
NetIncomeLoss
119209000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
shares
CY2012 us-gaap Costs And Expenses
CostsAndExpenses
571339000
CY2012 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
807000
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.94
CY2012 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
82218000
CY2012 us-gaap Revenues
Revenues
733031000
CY2012 us-gaap Restricted Stock Expense
RestrictedStockExpense
1700000
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40523000 shares
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12257000
CY2012 us-gaap Cost Of Services
CostOfServices
67153000
CY2012 us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Service revenue</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company earns service revenues from three sources:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">technical advisory assistance;</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">rental of running tools; and</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">rework and reconditioning of customer owned Dril-Quip products.</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company does not install products for its customers, but it does provide technical advisory assistance. At the time of delivery of the product, the customer is not obligated to buy or rent the Company&#x2019;s running tools and the Company is not obligated to perform any subsequent services relating to installation. Technical advisory assistance service revenue is recorded at the time the service is rendered. Service revenues associated with the rental of running and installation tools are recorded as earned. Rework and reconditioning service revenues are recorded when the refurbishment process is complete.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company normally negotiates contracts for products, including those accounted for under the percentage-of-completion method, and services separately. For all product sales, it is the customer&#x2019;s decision as to the timing of the product installation as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company&#x2019;s technical advisory services. The customer may use a third party or their own personnel.</font></p> </div>
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2012 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
123822000
CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
20033000
CY2012 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
3516000
CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4125000
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
50773000
CY2012 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
1774000
CY2012 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2012 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
4400000
CY2012 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
70836000
CY2012 us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Revenue Recognition</i></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Product Revenue</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company recognizes product revenues from two methods:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">product revenues recognized under the percentage-of-completion method; and</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">product revenues from the sale of products that do not qualify for the percentage-of-completion method.</font></p> </td> </tr> </table> </div>
CY2012 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1487000
CY2012 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
610218000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
42575000
CY2012 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
4613000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
53250000 shares
CY2012 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
22542000
CY2012 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-239000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
162122000
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
409000 shares
CY2012 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-102000
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company&#x2019;s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities.</font></p> </div>
CY2012 us-gaap Interest Expense
InterestExpense
32000
CY2012 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
1469000
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
440000
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8159000
CY2012 drq Number Of Projects
NumberOfProjects
21 Project
CY2012 drq Percentage Of Product Revenue
PercentageOfProductRevenue
0.24 pure
CY2012 us-gaap Cost Of Revenue
CostOfRevenue
451666000
CY2012 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
1487000
CY2012 drq Employee Service Share Based Compensation Nonvested Performance Shares Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedPerformanceSharesTotalCompensationCostNotYetRecognized
3700000
CY2012 drq Percentage Of Total Revenue
PercentageOfTotalRevenue
0.20 pure
CY2012 drq Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
0
CY2012 drq Amount Of Interest Penalties And Monetary Restatement Fees On Tax Assessment
AmountOfInterestPenaltiesAndMonetaryRestatementFeesOnTaxAssessment
7800000
CY2012 drq Engineering And Product Development
EngineeringAndProductDevelopment
37455000
CY2012 drq Inventory Charges To Costs And Expenses
InventoryChargesToCostsAndExpenses
4651000
CY2012 drq Number Of Geographic Segments
NumberOfGeographicSegments
3 Segment
CY2012 drq Segment Reporting Information Eliminations
SegmentReportingInformationEliminations
70836000
CY2012 drq Share Based Compensation Arrangement By Share Based Payment Award Number Of Securities Remaining Available For Future Issuance Under Equity Compensation Plan
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSecuritiesRemainingAvailableForFutureIssuanceUnderEquityCompensationPlan
871698 shares
CY2012 drq Share Based Compensation Arrangement By Share Based Payment Award Number Of Securities To Be Issued Upon Exercise Of Outstanding Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSecuritiesToBeIssuedUponExerciseOfOutstandingOptions
751687 shares
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
21672000
CY2011Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2012 drq Tax Assessments Valued By Foreign Tax Authorities For Subsidiary
TaxAssessmentsValuedByForeignTaxAuthoritiesForSubsidiary
13000000
CY2012 drq Number Of Companies
NumberOfCompanies
15 Company
CY2012 drq Number Of Divisions
NumberOfDivisions
2 Method
CY2012 drq Performance Stock Units Expense
PerformanceStockUnitsExpense
235000
CY2012 drq Additional Period Of Extension In Lease Contract
AdditionalPeriodOfExtensionInLeaseContract
P13Y
CY2012 drq Number Of Revenue Sources
NumberOfRevenueSources
3 Source
CY2012 drq Employee Stock Option Expense
EmployeeStockOptionExpense
3800000
CY2012 drq Result Rate Based On Which Unrecognized Compensation Expense Is Considered
ResultRateBasedOnWhichUnrecognizedCompensationExpenseIsConsidered
1.00 pure
CY2012 drq Share Based Compensation Arrangement By Share Based Payment Award Options Exercised And Vested
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedAndVested
299635000 shares
CY2011Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
30595000
CY2011Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.54
CY2011Q1 us-gaap Gross Profit
GrossProfit
57554000
CY2011Q1 us-gaap Revenues
Revenues
137667000
CY2011Q1 us-gaap Cost Of Revenue
CostOfRevenue
80113000
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
30428000
CY2011Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
22208000
CY2011Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.55
CY2011Q2 us-gaap Gross Profit
GrossProfit
54994000
CY2011Q2 us-gaap Revenues
Revenues
136994000
CY2011Q2 us-gaap Cost Of Revenue
CostOfRevenue
82000000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
40032000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
CY2012Q1 us-gaap Gross Profit
GrossProfit
70074000
CY2012Q1 us-gaap Revenues
Revenues
177124000
CY2012Q1 us-gaap Cost Of Revenue
CostOfRevenue
107050000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
41349000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.74
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
28797000
CY2012Q4 us-gaap Gross Profit
GrossProfit
74007000
CY2012Q4 us-gaap Revenues
Revenues
188477000
CY2012Q4 us-gaap Cost Of Revenue
CostOfRevenue
114470000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.74
CY2012Q2 us-gaap Gross Profit
GrossProfit
68245000
CY2012Q2 us-gaap Revenues
Revenues
176570000
CY2012Q2 us-gaap Cost Of Revenue
CostOfRevenue
108325000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
31776000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.58
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
23263000
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
CY2011Q3 us-gaap Gross Profit
GrossProfit
58548000
CY2011Q3 us-gaap Revenues
Revenues
155035000
CY2011Q3 us-gaap Cost Of Revenue
CostOfRevenue
96487000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
38723000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
29657000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.73
CY2012Q3 us-gaap Gross Profit
GrossProfit
69039000
CY2012Q3 us-gaap Revenues
Revenues
190860000
CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
121821000
CY2011Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
36840000
CY2011Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.70
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
28124000
CY2011Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.70
CY2011Q4 us-gaap Gross Profit
GrossProfit
68398000
CY2011Q4 us-gaap Revenues
Revenues
171646000
CY2011Q4 us-gaap Cost Of Revenue
CostOfRevenue
103248000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
41588000
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.77
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
30952000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.76

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