2013 Q4 Form 10-Q Financial Statement
#000119312513421347 Filed on November 01, 2013
Income Statement
| Concept | 2013 Q4 | 2013 Q3 | 2012 Q3 |
|---|---|---|---|
| Revenue | $232.5M | $224.7M | $190.9M |
| YoY Change | 23.34% | 17.74% | 23.11% |
| Cost Of Revenue | $132.2M | $132.1M | $121.8M |
| YoY Change | 15.53% | 8.46% | 26.26% |
| Gross Profit | $100.2M | $92.59M | $69.04M |
| YoY Change | 35.42% | 34.12% | 17.92% |
| Gross Profit Margin | 43.11% | 41.2% | 36.17% |
| Selling, General & Admin | $26.10M | $29.83M | $20.76M |
| YoY Change | 10.59% | 43.66% | 13.63% |
| % of Gross Profit | 26.04% | 32.22% | 30.08% |
| Research & Development | $11.00M | $10.80M | $9.600M |
| YoY Change | 25.0% | 12.5% | 12.94% |
| % of Gross Profit | 10.98% | 11.66% | 13.91% |
| Depreciation & Amortization | $7.600M | $7.300M | $7.000M |
| YoY Change | 11.76% | 4.29% | 9.37% |
| % of Gross Profit | 7.58% | 7.88% | 10.14% |
| Operating Expenses | $37.10M | $29.83M | $20.76M |
| YoY Change | 14.51% | 43.66% | 13.63% |
| Operating Profit | $63.17M | $51.99M | $38.72M |
| YoY Change | 51.89% | 34.25% | 21.86% |
| Interest Expense | $100.0K | $4.000K | $7.000K |
| YoY Change | 0.0% | -42.86% | -53.33% |
| % of Operating Profit | 0.16% | 0.01% | 0.02% |
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | $63.30M | $52.18M | $38.86M |
| YoY Change | 51.8% | 34.27% | 22.04% |
| Income Tax | $16.20M | $12.19M | $9.207M |
| % Of Pretax Income | 25.59% | 23.36% | 23.69% |
| Net Earnings | $47.06M | $40.00M | $29.66M |
| YoY Change | 52.05% | 34.86% | 27.49% |
| Net Earnings / Revenue | 20.25% | 17.8% | 15.54% |
| Basic Earnings Per Share | $1.16 | $0.98 | $0.73 |
| Diluted Earnings Per Share | $1.15 | $0.98 | $0.73 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 40.69M shares | 40.68M shares | 40.42M shares |
| Diluted Shares Outstanding | 40.91M shares | 40.59M shares |
Balance Sheet
| Concept | 2013 Q4 | 2013 Q3 | 2012 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $384.4M | $380.9M | $263.4M |
| YoY Change | 49.46% | 44.61% | 3.05% |
| Cash & Equivalents | $384.4M | $380.9M | $263.4M |
| Short-Term Investments | |||
| Other Short-Term Assets | $28.55M | $14.22M | $13.37M |
| YoY Change | 58.93% | 6.42% | -65.9% |
| Inventory | $368.4M | $369.7M | $350.1M |
| Prepaid Expenses | |||
| Receivables | $279.3M | $243.3M | $240.8M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $1.081B | $1.035B | $891.9M |
| YoY Change | 16.94% | 16.06% | 18.92% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $304.8M | $300.9M | $293.1M |
| YoY Change | 2.98% | 2.68% | 8.43% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $10.99M | $11.17M | $11.22M |
| YoY Change | -0.76% | -0.47% | -7.26% |
| Total Long-Term Assets | $315.8M | $312.1M | $304.3M |
| YoY Change | -2.93% | 2.56% | 7.72% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $1.081B | $1.035B | $891.9M |
| Total Long-Term Assets | $315.8M | $312.1M | $304.3M |
| Total Assets | $1.397B | $1.347B | $1.196B |
| YoY Change | 11.77% | 12.63% | 15.86% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $45.45M | $36.12M | $36.30M |
| YoY Change | 60.6% | -0.49% | 15.23% |
| Accrued Expenses | $38.90M | $39.90M | $39.40M |
| YoY Change | 11.46% | 1.27% | 18.32% |
| 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 | $149.4M | $138.9M | $155.2M |
| YoY Change | -3.64% | -10.5% | 17.95% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | |
| YoY Change | |||
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $149.4M | $138.9M | $155.2M |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $154.8M | $148.7M | $164.7M |
| YoY Change | -6.2% | -9.77% | 16.92% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | $1.070B | $1.023B | $869.0M |
| YoY Change | 18.87% | 17.69% | |
| Common Stock | $192.4M | $197.6M | $177.5M |
| YoY Change | 6.71% | 11.36% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | $10.00M | ||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $1.242B | $1.199B | $1.031B |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $1.397B | $1.347B | $1.196B |
| YoY Change | 13.43% | 12.63% | 15.86% |
Cashflow Statement
| Concept | 2013 Q4 | 2013 Q3 | 2012 Q3 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $47.06M | $40.00M | $29.66M |
| YoY Change | 52.05% | 34.86% | 27.49% |
| Depreciation, Depletion And Amortization | $7.600M | $7.300M | $7.000M |
| YoY Change | 11.76% | 4.29% | 9.37% |
| Cash From Operating Activities | $21.30M | $54.80M | $22.50M |
| YoY Change | 1083.33% | 143.56% | 42.41% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$12.60M | -$6.900M | -$12.90M |
| YoY Change | 23.53% | -46.51% | 4.88% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $600.0K | -$100.0K | $200.0K |
| YoY Change | 20.0% | -150.0% | -33.33% |
| Cash From Investing Activities | -$12.10M | -$7.000M | -$12.70M |
| YoY Change | 24.74% | -44.88% | 4.96% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -7.900M | 1.900M | 3.100M |
| YoY Change | -890.0% | -38.71% | |
| NET CHANGE | |||
| Cash From Operating Activities | 21.30M | 54.80M | 22.50M |
| Cash From Investing Activities | -12.10M | -7.000M | -12.70M |
| Cash From Financing Activities | -7.900M | 1.900M | 3.100M |
| Net Change In Cash | 1.300M | 49.70M | 12.90M |
| YoY Change | -118.84% | 285.27% | 248.65% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $21.30M | $54.80M | $22.50M |
| Capital Expenditures | -$12.60M | -$6.900M | -$12.90M |
| Free Cash Flow | $33.90M | $61.70M | $35.40M |
| YoY Change | 182.5% | 74.29% | 25.98% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2012Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
40432000 | shares |
| CY2012Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
263421000 | |
| CY2013Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
40691202 | shares |
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Common Stock Shares Issued
CommonStockSharesIssued
|
40691202 | shares |
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Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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10000000 | shares |
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Common Stock Shares Authorized
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50000000 | shares |
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Common Stock Par Or Stated Value Per Share
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0.01 | |
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Preferred Stock Par Or Stated Value Per Share
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Preferred Stock Shares Issued
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0 | shares |
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Inventory Work In Process
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Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected Within One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedWithinOneYear
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55600000 | |
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Assets
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1347256000 | |
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Noncurrent Assets
NoncurrentAssets
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312090000 | |
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Preferred Stock Value
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Other Accrued Liabilities Current
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Accounts Payable Current
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36122000 | |
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Liabilities Current
LiabilitiesCurrent
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138924000 | |
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Employee Related Liabilities Current
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20730000 | |
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Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
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-21770000 | |
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Stockholders Equity
StockholdersEquity
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1198602000 | |
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Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
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Billings In Excess Of Cost
BillingsInExcessOfCost
|
50622000 | |
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Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
1022753000 | |
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Common Stock Value
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407000 | |
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Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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1347256000 | |
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Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
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9730000 | |
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Inventory Valuation Reserves
InventoryValuationReserves
|
31779000 | |
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Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
12312000 | |
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Liabilities
Liabilities
|
148654000 | |
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Commitments And Contingencies
CommitmentsAndContingencies
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Assets Current
AssetsCurrent
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1035166000 | |
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Other Assets Noncurrent
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11168000 | |
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Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
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82053000 | |
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Cash And Cash Equivalents At Carrying Value
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380942000 | |
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Accounts Receivable Net Current
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Inventory Net
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Inventory Gross
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Other Assets Current
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Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
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Inventory Finished Goods
InventoryFinishedGoods
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Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
298576000 | |
| CY2012Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
40475061 | shares |
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Common Stock Shares Issued
CommonStockSharesIssued
|
40475061 | shares |
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Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2012Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
50000000 | shares |
| CY2012Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
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Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2012Q4 | us-gaap |
Preferred Stock Shares Issued
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|
0 | shares |
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Preferred Stock Value
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Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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20250000 | |
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Accounts Payable Current
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28302000 | |
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Liabilities Current
LiabilitiesCurrent
|
155089000 | |
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Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
14620000 | |
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Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
-13830000 | |
| CY2012Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1066432000 | |
| CY2012Q4 | us-gaap |
Additional Paid In Capital Common Stock
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| CY2012Q4 | us-gaap |
Billings In Excess Of Cost
BillingsInExcessOfCost
|
86313000 | |
| CY2012Q4 | us-gaap |
Retained Earnings Accumulated Deficit
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|
899989000 | |
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Common Stock Value
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405000 | |
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Liabilities And Stockholders Equity
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|
1231447000 | |
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Deferred Tax Liabilities Noncurrent
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|
9926000 | |
| CY2012Q4 | us-gaap |
Inventory Valuation Reserves
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|
30426000 | |
| CY2012Q4 | us-gaap |
Accrued Income Taxes Current
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5604000 | |
| CY2012Q4 | us-gaap |
Liabilities
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165015000 | |
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Commitments And Contingencies
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|
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| CY2012Q4 | us-gaap |
Assets Current
AssetsCurrent
|
924388000 | |
| CY2012Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
11077000 | |
| CY2012Q4 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
86007000 | |
| CY2012Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
97379000 | |
| CY2012Q4 | us-gaap |
Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected Within One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedWithinOneYear
|
62100000 | |
| CY2012Q4 | us-gaap |
Assets
Assets
|
1231447000 | |
| CY2012Q4 | us-gaap |
Noncurrent Assets
NoncurrentAssets
|
307059000 | |
| CY2012Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
257191000 | |
| CY2012Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
263213000 | |
| CY2012Q4 | us-gaap |
Inventory Net
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|
362181000 | |
| CY2012Q4 | us-gaap |
Inventory Gross
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|
392607000 | |
| CY2012Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
17965000 | |
| CY2012Q4 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
23838000 | |
| CY2012Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
209221000 | |
| CY2012Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
295982000 | |
| dei |
Trading Symbol
TradingSymbol
|
DRQ | ||
| dei |
Entity Registrant Name
EntityRegistrantName
|
DRIL-QUIP INC | ||
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Amendment Flag
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|
false | ||
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Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | ||
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Document Fiscal Year Focus
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|
2013 | ||
| dei |
Document Type
DocumentType
|
10-Q | ||
| dei |
Document Period End Date
DocumentPeriodEndDate
|
2013-09-30 | ||
| dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001042893 | ||
| dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
| dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
| us-gaap |
Weighted Average Number Basic Shares Outstanding Adjustment Pro Forma
WeightedAverageNumberBasicSharesOutstandingAdjustmentProForma
|
-74000 | shares | |
| us-gaap |
Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
|
<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2%; FONT-SIZE: 10pt"> <i>Revenue Recognition</i></p> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4%; FONT-SIZE: 10pt"> <i>Product Revenue</i></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The Company earns product revenues from two methods:</p> <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt">  </p> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">product revenues recognized under the percentage-of-completion method; and</td> </tr> </table> <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt">  </p> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">product revenues from the sale of products that do not qualify for the percentage-of-completion method.</td> </tr> </table> </div> | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
3.01 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
40821000 | shares | |
| us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
204000 | shares | |
| us-gaap |
Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
|
<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2%; FONT-SIZE: 10pt"> <i>Service revenue</i></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The Company earns service revenues from three sources:</p> <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt">  </p> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">technical advisory assistance;</td> </tr> </table> <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt">  </p> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">rental of running tools; and</td> </tr> </table> <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt">  </p> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">rework and reconditioning of customer-owned Dril-Quip products.</td> </tr> </table> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The Company does not install products for its customers, but it provides technical advisory assistance. At the time of delivery of the product, the customer is not obligated to buy or rent the Company’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.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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’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’s technical advisory services. The customer may use a third party or their own personnel</p> </div> | ||
| us-gaap |
Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
|
<div> <p style="MARGIN-TOP: 0pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2%; FONT-SIZE: 10pt"> <i>Revenues recognized under the percentage-of-completion method</i></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:</p> <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt">  </p> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">The contracts call for products which are designed to customer specifications;</td> </tr> </table> <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt">  </p> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">The structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;</td> </tr> </table> <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt">  </p> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">The contracts contain specific terms as to milestones, progress billings and delivery dates; and</td> </tr> </table> <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt">  </p> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Product requirements cannot be filled directly from the Company’s standard inventory.</td> </tr> </table> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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 this 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’s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> Under the percentage-of-completion method, billings may not 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 Condensed 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. As of September 30, 2013 and December 31, 2012, receivables included $55.6 million and $62.1 million of unbilled receivables, respectively. For the quarter ended September 30, 2013, there were 12 projects representing approximately 15% of the Company’s total revenue and approximately 18% of its product revenues that were accounted for using percentage-of-completion accounting, compared to 17 projects during the third quarter of 2012 which represented 21% of the Company’s total revenues and 25% of its product revenues. For the nine months ended September 30, 2013, there were 16 projects representing 13% of the Company’s total revenues and 15% of its product revenues, compared to 19 projects representing 19% of the Company’s total revenues and 22% of its product revenues for the nine months ended September 30, 2012, all of which were accounted for using percentage-of-completion accounting.</p> </div> | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
3.02 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
140854000 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
40617000 | shares | |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"> <i>Use of Estimates</i></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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’s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities as discussed more fully in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.</p> </div> | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
12075000 | ||
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
114824000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
30037000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-12911000 | ||
| us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
228000 | ||
| us-gaap |
Costs And Expenses
CostsAndExpenses
|
479533000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
11255000 | ||
| us-gaap |
Cost Of Services
CostOfServices
|
58493000 | ||
| us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
323169000 | ||
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-3443000 | ||
| us-gaap |
Revenues
Revenues
|
639910000 | ||
| us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-122000 | ||
| us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
536781000 | ||
| us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-2586000 | ||
| us-gaap |
Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
|
1893000 | ||
| us-gaap |
Interest Income Other
InterestIncomeOther
|
486000 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
160377000 | ||
| us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
103129000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
160839000 | ||
| us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-7940000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-17730000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
122764000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
6257000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
123751000 | ||
| us-gaap |
Interest Expense
InterestExpense
|
24000 | ||
| us-gaap |
Cost Of Revenue
CostOfRevenue
|
381662000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-29809000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
9362000 | ||
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
21717000 | ||
| us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
1893000 | ||
| us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
68732000 | ||
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
38075000 | ||
| us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
1451000 | ||
| drq |
Engineering And Product Development
EngineeringAndProductDevelopment
|
29139000 | ||
| drq |
Number Of Projects
NumberOfProjects
|
16 | Project | |
| drq |
Number Of Geographic Segments
NumberOfGeographicSegments
|
3 | Segment | |
| drq |
Reporting Information Eliminations
ReportingInformationEliminations
|
38601000 | ||
| drq |
Percentage Of Product Revenue
PercentageOfProductRevenue
|
0.15 | pure | |
| drq |
Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
|
0 | ||
| drq |
Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
|
0.13 | pure | |
| drq |
Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
|
38601000 | ||
| us-gaap |
Weighted Average Number Basic Shares Outstanding Adjustment Pro Forma
WeightedAverageNumberBasicSharesOutstandingAdjustmentProForma
|
-140000 | shares | |
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
2.18 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
40492000 | shares | |
| us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
200000 | shares | |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
2.19 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-9950000 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
40292000 | shares | |
| us-gaap |
Revenues
Revenues
|
544554000 | ||
| us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-240000 | ||
| us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
455846000 | ||
| us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-5409000 | ||
| us-gaap |
Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
|
1219000 | ||
| us-gaap |
Interest Income Other
InterestIncomeOther
|
329000 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
120104000 | ||
| us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
88708000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
120412000 | ||
| us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
3412000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
59487000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
88257000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
70211000 | ||
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
91669000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
40606000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
4188000 | ||
| us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
1303000 | ||
| us-gaap |
Costs And Expenses
CostsAndExpenses
|
424450000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
11259000 | ||
| us-gaap |
Cost Of Services
CostOfServices
|
49629000 | ||
| us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
287567000 | ||
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-459000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3922000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-35155000 | ||
| us-gaap |
Interest Expense
InterestExpense
|
21000 | ||
| us-gaap |
Cost Of Revenue
CostOfRevenue
|
337196000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-39303000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
10040000 | ||
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
19410000 | ||
| us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
1219000 | ||
| us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
58614000 | ||
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
32155000 | ||
| us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
2839000 | ||
| drq |
Engineering And Product Development
EngineeringAndProductDevelopment
|
28640000 | ||
| drq |
Number Of Projects
NumberOfProjects
|
19 | Project | |
| drq |
Reporting Information Eliminations
ReportingInformationEliminations
|
60205000 | ||
| drq |
Percentage Of Product Revenue
PercentageOfProductRevenue
|
0.22 | pure | |
| CY2012Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
9207000 | |
| CY2012Q3 | drq |
Engineering And Product Development
EngineeringAndProductDevelopment
|
9552000 | |
| drq |
Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
|
0 | ||
| drq |
Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
|
0.19 | pure | |
| drq |
Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
|
60205000 | ||
| CY2012Q3 | us-gaap |
Cost Of Services
CostOfServices
|
18207000 | |
| CY2012Q3 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
103614000 | |
| CY2012Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1300000 | |
| CY2012Q3 | us-gaap |
Interest Expense
InterestExpense
|
7000 | |
| CY2012Q3 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
121821000 | |
| CY2012Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
20764000 | |
| CY2012Q3 | us-gaap |
Weighted Average Number Basic Shares Outstanding Adjustment Pro Forma
WeightedAverageNumberBasicSharesOutstandingAdjustmentProForma
|
-9000 | shares |
| CY2012Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.73 | |
| CY2012Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
40589000 | shares |
| CY2012Q3 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
166000 | shares |
| CY2012Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.73 | |
| CY2012Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
|
0 | shares |
| CY2012Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
40423000 | shares |
| CY2012Q3 | us-gaap |
Revenues
Revenues
|
190860000 | |
| CY2012Q3 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
159465000 | |
| CY2012Q3 | us-gaap |
Interest Income Other
InterestIncomeOther
|
148000 | |
| CY2012Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
38723000 | |
| CY2012Q3 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
31395000 | |
| CY2012Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
38864000 | |
| CY2012Q3 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
7105000 | |
| CY2012Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
29657000 | |
| CY2012Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
36762000 | |
| CY2012Q3 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
152137000 | |
| CY2012Q3 | drq |
Number Of Projects
NumberOfProjects
|
17 | Project |
| CY2012Q3 | drq |
Reporting Information Eliminations
ReportingInformationEliminations
|
18420000 | |
| CY2012Q3 | drq |
Percentage Of Product Revenue
PercentageOfProductRevenue
|
0.25 | pure |
| CY2012Q3 | drq |
Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
|
0 | |
| CY2012Q3 | drq |
Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
|
0.21 | pure |
| CY2012Q3 | drq |
Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
|
18420000 | |
| CY2013Q3 | us-gaap |
Weighted Average Number Basic Shares Outstanding Adjustment Pro Forma
WeightedAverageNumberBasicSharesOutstandingAdjustmentProForma
|
-8000 | shares |
| CY2013Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.98 | |
| CY2013Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
40911000 | shares |
| CY2013Q3 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
228000 | shares |
| CY2013Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.98 | |
| CY2013Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
|
0 | shares |
| CY2013Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
40683000 | shares |
| CY2013Q3 | us-gaap |
Revenues
Revenues
|
224724000 | |
| CY2013Q3 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
187437000 | |
| CY2013Q3 | us-gaap |
Interest Income Other
InterestIncomeOther
|
203000 | |
| CY2013Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
51985000 | |
| CY2013Q3 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
37287000 | |
| CY2013Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
52184000 | |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
16194000 | |
| CY2013Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
39995000 | |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
56189000 | |
| CY2013Q3 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
172739000 | |
| CY2013Q3 | us-gaap |
Cost Of Services
CostOfServices
|
18947000 | |
| CY2013Q3 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
113184000 | |
| CY2013Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2100000 | |
| CY2013Q3 | us-gaap |
Interest Expense
InterestExpense
|
4000 | |
| CY2013Q3 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
132131000 | |
| CY2013Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
29830000 | |
| CY2013Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
12189000 | |
| CY2013Q3 | drq |
Engineering And Product Development
EngineeringAndProductDevelopment
|
10778000 | |
| CY2013Q3 | drq |
Number Of Projects
NumberOfProjects
|
12 | Project |
| CY2013Q3 | drq |
Reporting Information Eliminations
ReportingInformationEliminations
|
10295000 | |
| CY2013Q3 | drq |
Percentage Of Product Revenue
PercentageOfProductRevenue
|
0.18 | pure |
| CY2013Q3 | drq |
Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
|
0 | |
| CY2013Q3 | drq |
Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
|
0.15 | pure |
| CY2013Q3 | drq |
Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
|
10295000 |
