2016 Q4 Form 10-Q Financial Statement

#000119312516758520 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $237.8M $205.5M $246.0M
YoY Change -3.33% -19.16% -15.38%
Cost Of Revenue $146.4M $126.3M $159.7M
YoY Change -8.33% -22.89% -18.77%
Gross Profit $91.40M $79.20M $86.30M
YoY Change 5.91% -12.39% -8.29%
Gross Profit Margin 38.44% 38.54% 35.08%
Selling, General & Admin $56.40M $56.10M $55.10M
YoY Change 2.36% 6.45% 16.99%
% of Gross Profit 61.71% 70.83% 63.85%
Research & Development $5.800M $6.500M $6.000M
YoY Change -3.33% -1.52% 22.45%
% of Gross Profit 6.35% 8.21% 6.95%
Depreciation & Amortization $9.600M $3.500M $9.500M
YoY Change 1.05% 16.67% 18.75%
% of Gross Profit 10.5% 4.42% 11.01%
Operating Expenses $59.10M $60.30M $52.00M
YoY Change 13.65% 22.56% 3.79%
Operating Profit $32.30M $18.90M $34.30M
YoY Change -5.83% -54.13% -22.05%
Interest Expense -$1.000M -$700.0K -$1.100M
YoY Change -9.09% -30.0% 22.22%
% of Operating Profit -3.1% -3.7% -3.21%
Other Income/Expense, Net -$2.300M -$5.000M $2.000M
YoY Change -215.0% -516.67% -600.0%
Pretax Income $29.00M $13.20M $35.20M
YoY Change -17.61% -68.12% -17.56%
Income Tax $6.900M $1.800M $3.700M
% Of Pretax Income 23.79% 13.64% 10.51%
Net Earnings $22.10M $11.40M $31.50M
YoY Change -29.84% -67.98% 12.9%
Net Earnings / Revenue 9.29% 5.55% 12.8%
Basic Earnings Per Share $0.48
Diluted Earnings Per Share $905.7K $0.47 $1.286M
COMMON SHARES
Basic Shares Outstanding 23.98M shares 23.98M shares 24.08M shares
Diluted Shares Outstanding 24.48M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.9M $167.1M $141.7M
YoY Change -28.09% 25.83% 206.05%
Cash & Equivalents $101.9M $167.1M $136.9M
Short-Term Investments $0.00 $0.00 $4.800M
Other Short-Term Assets $0.00 $0.00 $1.800M
YoY Change -100.0% -100.0%
Inventory $173.8M $161.8M $159.9M
Prepaid Expenses $6.100M
Receivables $154.4M $125.5M $137.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $441.1M $479.2M $458.7M
YoY Change -3.84% 8.07% 10.74%
LONG-TERM ASSETS
Property, Plant & Equipment $157.4M $80.20M $76.00M
YoY Change 107.11% 8.23% -5.94%
Goodwill $374.8M $267.4M $267.4M
YoY Change 40.16% -0.34% -3.15%
Intangibles $144.4M $150.5M $168.7M
YoY Change -14.4% -12.8% -6.85%
Long-Term Investments
YoY Change
Other Assets $800.0K $800.0K $900.0K
YoY Change -11.11% -11.11% 28.57%
Total Long-Term Assets $740.3M $564.1M $569.9M
YoY Change 29.9% -1.62% -2.7%
TOTAL ASSETS
Total Short-Term Assets $441.1M $479.2M $458.7M
Total Long-Term Assets $740.3M $564.1M $569.9M
Total Assets $1.181B $1.043B $1.029B
YoY Change 14.86% 2.61% 2.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.60M $56.40M $52.20M
YoY Change 14.18% -16.07% -40.41%
Accrued Expenses $95.40M $79.70M $84.10M
YoY Change 13.44% 15.34% 8.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $10.30M $1.600M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $183.1M $159.0M $206.1M
YoY Change -11.16% -19.17% -7.54%
LONG-TERM LIABILITIES
Long-Term Debt $258.5M $143.0M $131.6M
YoY Change 96.43% 12.6% -5.32%
Other Long-Term Liabilities $1.000M $900.0K $500.0K
YoY Change 100.0% 800.0% -75.0%
Total Long-Term Liabilities $259.5M $143.9M $132.1M
YoY Change 96.44% 13.22% -6.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $183.1M $159.0M $206.1M
Total Long-Term Liabilities $259.5M $143.9M $132.1M
Total Liabilities $527.6M $391.1M $424.7M
YoY Change 24.23% -8.75% -12.25%
SHAREHOLDERS EQUITY
Retained Earnings $561.8M $547.5M $496.4M
YoY Change 13.17% 15.87% 26.7%
Common Stock $315.4M $313.7M $311.3M
YoY Change 1.32% 0.9% 0.71%
Preferred Stock
YoY Change
Treasury Stock (at cost) $97.50M $99.00M $91.80M
YoY Change 6.21% 7.49% 16.65%
Treasury Stock Shares 5.483M shares 5.573M shares 5.453M shares
Shareholders Equity $653.5M $651.9M $605.0M
YoY Change
Total Liabilities & Shareholders Equity $1.181B $1.043B $1.029B
YoY Change 14.86% 2.61% 2.87%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $22.10M $11.40M $31.50M
YoY Change -29.84% -67.98% 12.9%
Depreciation, Depletion And Amortization $9.600M $3.500M $9.500M
YoY Change 1.05% 16.67% 18.75%
Cash From Operating Activities $17.70M $29.80M $27.10M
YoY Change -34.69% -16.06% -42.71%
INVESTING ACTIVITIES
Capital Expenditures -$4.300M -$4.700M -$7.200M
YoY Change -40.28% -28.79% 14.29%
Acquisitions
YoY Change
Other Investing Activities -$199.1M $0.00 $200.0K
YoY Change -99650.0% -100.0% -100.2%
Cash From Investing Activities -$203.4M -$4.700M -$7.000M
YoY Change 2805.71% -113.39% -93.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 121.1M -11.30M -10.90M
YoY Change -1211.01% 39.51% -207.92%
NET CHANGE
Cash From Operating Activities 17.70M 29.80M 27.10M
Cash From Investing Activities -203.4M -4.700M -7.000M
Cash From Financing Activities 121.1M -11.30M -10.90M
Net Change In Cash -64.60M 13.80M 9.200M
YoY Change -802.17% -77.92% -119.13%
FREE CASH FLOW
Cash From Operating Activities $17.70M $29.80M $27.10M
Capital Expenditures -$4.300M -$4.700M -$7.200M
Free Cash Flow $22.00M $34.50M $34.30M
YoY Change -35.86% -18.05% -36.01%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>NOTE 15 &#x2013; RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers ASC Topic 606, which amends the existing accounting standards for revenue recognition.&#xA0;ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers.&#xA0;The original effective date for ASU 2014-09 was for annual and interim periods within those years beginning after December 15, 2016.&#xA0;In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers &#x2013; Deferral of the Effective Date, which defers the effective date of ASU 2014-09 for one year and permits early adoption as early as the original effective date of ASU 2014-09.&#xA0;The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption.&#xA0;The Company has been evaluating the potential timing and impact of adopting the new revenue standard on its consolidated financial statements and has not yet determined the effect of the standard on its ongoing financial reporting.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Revision to Lease Accounting, which amends ASC Topic 842, Leases.&#xA0;The ASU requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease).&#xA0;The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.&#xA0;Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients.&#xA0;Transition will require application of the new guidance at the beginning of the earliest comparative period presented.&#xA0;The Company has not yet determined the effect of the standard on its ongoing financial reporting.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> In June 2016, the FASB issued a new standard Accounting Standard Update 2016-13 to replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to develop credit loss estimates. For trade and other receivables, loans, and other financial instruments, we will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses. The new standard is effective for fiscal periods beginning after December 15, 2019. Early adoption is permitted.&#xA0;The Company has not yet determined the effect of the standard on its ongoing financial reporting.</p> </div>
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