$INVX
Innovex International, Inc.

2014 Q4 Form 10-Q Financial Statement

#000119312514390042 Filed on October 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $254.8M $241.8M $224.7M
YoY Change 9.62% 7.58% 17.74%
Cost Of Revenue $142.5M $135.3M $132.1M
YoY Change 7.75% 2.36% 8.46%
Gross Profit $112.3M $106.5M $92.59M
YoY Change 12.08% 15.02% 34.12%
Gross Profit Margin 44.08% 44.05% 41.2%
Selling, General & Admin $22.50M $20.85M $29.83M
YoY Change -13.79% -30.12% 43.66%
% of Gross Profit 20.03% 19.57% 32.22%
Research & Development $11.60M $12.70M $10.80M
YoY Change 5.45% 17.59% 12.5%
% of Gross Profit 10.33% 11.92% 11.66%
Depreciation & Amortization $8.400M $7.700M $7.300M
YoY Change 10.53% 5.48% 4.29%
% of Gross Profit 7.48% 7.23% 7.88%
Operating Expenses $34.10M $20.85M $29.83M
YoY Change -8.09% -30.12% 43.66%
Operating Profit $78.24M $72.99M $51.99M
YoY Change 23.85% 40.41% 34.25%
Interest Expense $100.0K $3.000K $4.000K
YoY Change 0.0% -25.0% -42.86%
% of Operating Profit 0.13% 0.0% 0.01%
Other Income/Expense, Net
YoY Change
Pretax Income $78.30M $73.20M $52.18M
YoY Change 23.7% 40.26% 34.27%
Income Tax $19.20M $17.51M $12.19M
% Of Pretax Income 24.52% 23.93% 23.36%
Net Earnings $59.09M $55.68M $40.00M
YoY Change 25.55% 39.22% 34.86%
Net Earnings / Revenue 23.19% 23.03% 17.8%
Basic Earnings Per Share $1.51 $1.41 $0.98
Diluted Earnings Per Share $1.50 $1.40 $0.98
COMMON SHARES
Basic Shares Outstanding 39.47M shares 39.63M shares 40.68M shares
Diluted Shares Outstanding 39.88M shares 40.91M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $298.7M $315.0M $380.9M
YoY Change -22.29% -17.3% 44.61%
Cash & Equivalents $298.7M $315.0M $380.9M
Short-Term Investments
Other Short-Term Assets $38.31M $26.94M $14.22M
YoY Change 34.19% 89.38% 6.42%
Inventory $392.6M $407.9M $369.7M
Prepaid Expenses
Receivables $374.0M $331.6M $243.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.127B $1.104B $1.035B
YoY Change 4.27% 6.65% 16.06%
LONG-TERM ASSETS
Property, Plant & Equipment $309.5M $310.3M $300.9M
YoY Change 1.55% 3.12% 2.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.59M $14.76M $11.17M
YoY Change 14.49% 32.17% -0.47%
Total Long-Term Assets $322.1M $325.1M $312.1M
YoY Change 2.0% 4.16% 2.56%
TOTAL ASSETS
Total Short-Term Assets $1.127B $1.104B $1.035B
Total Long-Term Assets $322.1M $325.1M $312.1M
Total Assets $1.449B $1.429B $1.347B
YoY Change 3.75% 6.07% 12.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.84M $48.13M $36.12M
YoY Change 18.44% 33.25% -0.49%
Accrued Expenses $47.70M $52.60M $39.90M
YoY Change 22.62% 31.83% 1.27%
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 $198.6M $169.4M $138.9M
YoY Change 32.92% 21.96% -10.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $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 $198.6M $169.4M $138.9M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $204.1M $178.9M $148.7M
YoY Change 31.83% 20.36% -9.77%
SHAREHOLDERS EQUITY
Retained Earnings $1.279B $1.219B $1.023B
YoY Change 19.51% 19.23% 17.69%
Common Stock $16.87M $62.84M $197.6M
YoY Change -91.23% -68.2% 11.36%
Preferred Stock
YoY Change
Treasury Stock (at cost) $190.2M
YoY Change 1801.96%
Treasury Stock Shares
Shareholders Equity $1.245B $1.250B $1.199B
YoY Change
Total Liabilities & Shareholders Equity $1.449B $1.429B $1.347B
YoY Change 3.75% 6.07% 12.63%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $59.09M $55.68M $40.00M
YoY Change 25.55% 39.22% 34.86%
Depreciation, Depletion And Amortization $8.400M $7.700M $7.300M
YoY Change 10.53% 5.48% 4.29%
Cash From Operating Activities $46.70M $35.90M $54.80M
YoY Change 119.25% -34.49% 143.56%
INVESTING ACTIVITIES
Capital Expenditures -$11.30M -$8.000M -$6.900M
YoY Change -10.32% 15.94% -46.51%
Acquisitions
YoY Change
Other Investing Activities $500.0K $0.00 -$100.0K
YoY Change -16.67% -100.0% -150.0%
Cash From Investing Activities -$11.00M -$7.900M -$7.000M
YoY Change -9.09% 12.86% -44.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.70M -49.70M 1.900M
YoY Change 516.46% -2715.79% -38.71%
NET CHANGE
Cash From Operating Activities 46.70M 35.90M 54.80M
Cash From Investing Activities -11.00M -7.900M -7.000M
Cash From Financing Activities -48.70M -49.70M 1.900M
Net Change In Cash -13.00M -21.70M 49.70M
YoY Change -1100.0% -143.66% 285.27%
FREE CASH FLOW
Cash From Operating Activities $46.70M $35.90M $54.80M
Capital Expenditures -$11.30M -$8.000M -$6.900M
Free Cash Flow $58.00M $43.90M $61.70M
YoY Change 71.09% -28.85% 74.29%

Facts In Submission

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dei Entity Registrant Name
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DRIL-QUIP INC
dei Document Type
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10-Q
dei Trading Symbol
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us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 as discussed more fully in the Company&#x2019;s Annual Report on Form 10-K for the year ended December&#xA0;31, 2013.</p> </div>
dei Document Period End Date
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us-gaap Revenue Recognition Percentage Of Completion Method
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt"> <i>Revenues recognized under the percentage-of-completion method</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">The contracts call for products which are designed to customer specifications;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</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-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</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-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Product requirements cannot be filled directly from the Company&#x2019;s standard inventory.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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&#xA0;30, 2014 and December&#xA0;31, 2013, receivables included $62.8 million and $52.9 million of unbilled receivables, respectively. For the quarter ended September&#xA0;30, 2014, there were 14 projects representing approximately 15% of the Company&#x2019;s total revenue and approximately 18% of its product revenues that were accounted for using percentage-of-completion accounting, compared to 12 projects during the third quarter of 2013, which also represented approximately 15% of the Company&#x2019;s total revenues and approximately 18% of its product revenues. For the nine months ended September&#xA0;30, 2014, there were 17 projects representing approximately 10% of the Company&#x2019;s total revenues and approximately 13% of its product revenues, compared to 16 projects representing approximately 13% of the Company&#x2019;s total revenues and approximately 15% of its product revenues for the nine months ended September&#xA0;30, 2013, all of which were accounted for using percentage-of-completion accounting.</p> </div>
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CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40444000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.72
us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <i>Revenue Recognition</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> <i>Product Revenue</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company earns product revenues from two methods:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">product revenues recognized under the percentage-of-completion method; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</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>
dei Entity Central Index Key
EntityCentralIndexKey
0001042893
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 31px; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Service revenue</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company earns service revenues from three sources:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">technical advisory assistance;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">rental of running tools; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">rework and reconditioning of customer-owned Dril-Quip products.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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 assistance services. The customer may use a third party or their own personnel.</p> </div>
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40208000 shares
us-gaap Interest Income Other
InterestIncomeOther
555000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
560742000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
309000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
9375000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
44047000
us-gaap Operating Income Loss
OperatingIncomeLoss
200513000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
199000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
137621000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
201053000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
140261000
us-gaap Revenues
Revenues
676138000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31164000
us-gaap Net Income Loss
NetIncomeLoss
149625000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
55169000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
115396000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-12004000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1879000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22774000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3267000
us-gaap Interest Expense
InterestExpense
15000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
70300000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
309000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-69392000
us-gaap Cost Of Services
CostOfServices
61849000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51428000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
309181000
us-gaap Cost Of Revenue
CostOfRevenue
371030000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-138088000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-30621000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1864000
us-gaap Costs And Expenses
CostsAndExpenses
475625000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
28765000
us-gaap Share Based Compensation
ShareBasedCompensation
8640000
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
543000
drq Number Of Product Revenue Sources
NumberOfProductRevenueSources
2 Method
drq Number Of Projects
NumberOfProjects
17 Project
drq Number Of Geographic Segments
NumberOfGeographicSegments
3 Segment
drq Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
0.10 pure
drq Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
52097000
drq Percentage Of Product Revenue
PercentageOfProductRevenue
0.13 pure
drq Engineering And Product Development
EngineeringAndProductDevelopment
34295000
drq Reporting Information Eliminations
ReportingInformationEliminations
-52097000
drq Number Of Service Revenue Sources
NumberOfServiceRevenueSources
3 Source
drq Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
0
drq Number Of Head Quarter Locations
NumberOfHeadQuarterLocations
3 Location
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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 Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
228000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40911000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.98
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40683000 shares
CY2013Q3 us-gaap Interest Income Other
InterestIncomeOther
203000
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
187437000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
51985000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
56189000
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 Revenues
Revenues
224724000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
39995000
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
37287000
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
16194000
CY2013Q3 us-gaap Interest Expense
InterestExpense
4000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29830000
CY2013Q3 us-gaap Cost Of Services
CostOfServices
18947000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12189000
CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
113184000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
132131000
CY2013Q3 us-gaap Costs And Expenses
CostsAndExpenses
172739000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2100000
CY2013Q3 drq Number Of Projects
NumberOfProjects
12 Project
CY2013Q3 drq Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
0.15 pure
CY2013Q3 drq Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
10295000
CY2013Q3 drq Percentage Of Product Revenue
PercentageOfProductRevenue
0.18 pure
CY2013Q3 drq Engineering And Product Development
EngineeringAndProductDevelopment
10778000
CY2013Q3 drq Reporting Information Eliminations
ReportingInformationEliminations
-10295000
CY2013Q3 drq Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
0
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.40
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
250000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39880000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.41
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39630000 shares
CY2014Q3 us-gaap Interest Income Other
InterestIncomeOther
206000
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
198827000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
72992000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
27251000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
73195000
CY2014Q3 us-gaap Revenues
Revenues
241750000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
55683000
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
42923000
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-28432000
CY2014Q3 us-gaap Interest Expense
InterestExpense
3000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20845000
CY2014Q3 us-gaap Cost Of Services
CostOfServices
21608000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17512000
CY2014Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
113642000
CY2014Q3 us-gaap Cost Of Revenue
CostOfRevenue
135250000
CY2014Q3 us-gaap Costs And Expenses
CostsAndExpenses
168758000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3000000
CY2014Q3 drq Number Of Projects
NumberOfProjects
14 Project
CY2014Q3 drq Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
0.15 pure
CY2014Q3 drq Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
26913000
CY2014Q3 drq Percentage Of Product Revenue
PercentageOfProductRevenue
0.18 pure
CY2014Q3 drq Engineering And Product Development
EngineeringAndProductDevelopment
12663000
CY2014Q3 drq Reporting Information Eliminations
ReportingInformationEliminations
-26913000
CY2014Q3 drq Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
0

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