2018 Q2 Form 10-Q Financial Statement

#000119312518242305 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2 2016 Q4
Revenue $358.1M $326.3M $237.8M
YoY Change 9.75% 43.11% -3.33%
Cost Of Revenue $255.3M $221.2M $146.4M
YoY Change 15.42% 55.23% -8.33%
Gross Profit $102.8M $105.1M $91.40M
YoY Change -2.19% 22.92% 5.91%
Gross Profit Margin 28.71% 32.21% 38.44%
Selling, General & Admin $65.80M $62.10M $56.40M
YoY Change 5.96% 16.95% 2.36%
% of Gross Profit 64.01% 59.09% 61.71%
Research & Development $8.700M $8.500M $5.800M
YoY Change 2.35% 37.1% -3.33%
% of Gross Profit 8.46% 8.09% 6.35%
Depreciation & Amortization $5.500M $5.300M $9.600M
YoY Change 3.77% 51.43% 1.05%
% of Gross Profit 5.35% 5.04% 10.5%
Operating Expenses $74.50M $71.60M $59.10M
YoY Change 4.05% 25.83% 13.65%
Operating Profit $28.30M $33.50M $32.30M
YoY Change -15.52% 17.13% -5.83%
Interest Expense -$1.800M -$2.000M -$1.000M
YoY Change -10.0% 185.71% -9.09%
% of Operating Profit -6.36% -5.97% -3.1%
Other Income/Expense, Net $3.000M $3.300M -$2.300M
YoY Change -9.09% -61.18% -215.0%
Pretax Income $29.50M $34.80M $29.00M
YoY Change -15.23% -4.4% -17.61%
Income Tax $7.700M $8.700M $6.900M
% Of Pretax Income 26.1% 25.0% 23.79%
Net Earnings $21.80M $26.10M $22.10M
YoY Change -16.48% -9.69% -29.84%
Net Earnings / Revenue 6.09% 8.0% 9.29%
Basic Earnings Per Share $0.89 $1.08
Diluted Earnings Per Share $0.89 $1.06 $905.7K
COMMON SHARES
Basic Shares Outstanding 24.41M shares 24.13M shares 23.98M shares
Diluted Shares Outstanding 24.59M shares 24.56M shares

Balance Sheet

Concept 2018 Q2 2017 Q2 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.00M $48.80M $101.9M
YoY Change 35.25% -68.15% -28.09%
Cash & Equivalents $66.00M $48.80M $101.9M
Short-Term Investments $0.00
Other Short-Term Assets $0.00 $11.90M $0.00
YoY Change -100.0% -100.0%
Inventory $252.3M $217.6M $173.8M
Prepaid Expenses
Receivables $277.2M $241.6M $154.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $609.3M $519.9M $441.1M
YoY Change 17.2% 12.1% -3.84%
LONG-TERM ASSETS
Property, Plant & Equipment $191.4M $186.9M $157.4M
YoY Change 2.41% 139.62% 107.11%
Goodwill $367.1M $335.5M $374.8M
YoY Change 9.42% 25.47% 40.16%
Intangibles $149.4M $164.1M $144.4M
YoY Change -8.96% 4.79% -14.4%
Long-Term Investments
YoY Change
Other Assets $8.200M $2.400M $800.0K
YoY Change 241.67% 4.35% -11.11%
Total Long-Term Assets $841.9M $757.0M $740.3M
YoY Change 11.22% 33.44% 29.9%
TOTAL ASSETS
Total Short-Term Assets $609.3M $519.9M $441.1M
Total Long-Term Assets $841.9M $757.0M $740.3M
Total Assets $1.451B $1.277B $1.181B
YoY Change 13.65% 23.84% 14.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $125.6M $108.0M $59.60M
YoY Change 16.3% 113.02% 14.18%
Accrued Expenses $105.7M $91.40M $95.40M
YoY Change 15.65% 25.72% 13.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.80M $10.30M $10.30M
YoY Change 53.4% 836.36%
Total Short-Term Liabilities $267.3M $228.4M $183.1M
YoY Change 17.03% 53.08% -11.16%
LONG-TERM LIABILITIES
Long-Term Debt $208.0M $238.8M $258.5M
YoY Change -12.9% 55.06% 96.43%
Other Long-Term Liabilities $5.000M $500.0K $1.000M
YoY Change 900.0% 66.67% 100.0%
Total Long-Term Liabilities $213.0M $239.3M $259.5M
YoY Change -10.99% 55.09% 96.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $267.3M $228.4M $183.1M
Total Long-Term Liabilities $213.0M $239.3M $259.5M
Total Liabilities $631.5M $572.5M $527.6M
YoY Change 10.31% 46.2% 24.23%
SHAREHOLDERS EQUITY
Retained Earnings $638.3M $595.9M $561.8M
YoY Change 7.12% 11.15% 13.17%
Common Stock $321.9M $317.2M $315.4M
YoY Change 1.48% 1.44% 1.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $93.00M $97.10M $97.50M
YoY Change -4.22% -2.02% 6.21%
Treasury Stock Shares 5.138M shares 5.418M shares 5.483M shares
Shareholders Equity $819.3M $704.0M $653.5M
YoY Change
Total Liabilities & Shareholders Equity $1.451B $1.277B $1.181B
YoY Change 13.65% 23.84% 14.86%

Cashflow Statement

Concept 2018 Q2 2017 Q2 2016 Q4
OPERATING ACTIVITIES
Net Income $21.80M $26.10M $22.10M
YoY Change -16.48% -9.69% -29.84%
Depreciation, Depletion And Amortization $5.500M $5.300M $9.600M
YoY Change 3.77% 51.43% 1.05%
Cash From Operating Activities $2.300M $9.000M $17.70M
YoY Change -74.44% -82.14% -34.69%
INVESTING ACTIVITIES
Capital Expenditures -$6.700M -$6.400M -$4.300M
YoY Change 4.69% 45.45% -40.28%
Acquisitions
YoY Change
Other Investing Activities -$5.800M $0.00 -$199.1M
YoY Change -100.0% -99650.0%
Cash From Investing Activities -$12.50M -$6.400M -$203.4M
YoY Change 95.31% 128.57% 2805.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.400M 200.0K 121.1M
YoY Change -800.0% -102.86% -1211.01%
NET CHANGE
Cash From Operating Activities 2.300M 9.000M 17.70M
Cash From Investing Activities -12.50M -6.400M -203.4M
Cash From Financing Activities -1.400M 200.0K 121.1M
Net Change In Cash -11.60M 2.800M -64.60M
YoY Change -514.29% -93.1% -802.17%
FREE CASH FLOW
Cash From Operating Activities $2.300M $9.000M $17.70M
Capital Expenditures -$6.700M -$6.400M -$4.300M
Free Cash Flow $9.000M $15.40M $22.00M
YoY Change -41.56% -71.9% -35.86%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b><i>NOTE 15 &#x2013; RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> From January&#xA0;1, 2018 we have applied ASU&#xA0;<font style="WHITE-SPACE: nowrap">2017-07,</font>&#xA0;Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ASU&#xA0;<font style="WHITE-SPACE: nowrap">2017-07</font>&#xA0;requires companies to present the service cost component of net benefit cost in the same line items in which they report compensation cost. Companies are now required to present all other components of net benefit cost outside operating income, if this subtotal is presented. The new standard is effective for annual periods beginning after December&#xA0;15, 2017, including interim periods within those fiscal years. Adopting the new standard on January&#xA0;1, 2018 has resulted in a restatement of the prior period comparatives with a reduction to operating income for the three and six months ending June&#xA0;30, 2017 of $1.2&#xA0;million and $2.3&#xA0;million, respectively and a corresponding increase in other&#xA0;<font style="WHITE-SPACE: nowrap">non-operating</font>&#xA0;income.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In February 2016, the FASB issued Accounting Standards Update (ASU)&#xA0;<font style="WHITE-SPACE: nowrap">2016-02,</font>&#xA0;Revision to Lease Accounting, which amends ASC Topic 842, Leases. The ASU requires lessees to recognize a&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-of-use</font></font>&#xA0;asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The new standard is effective for fiscal years beginning after December&#xA0;15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition method, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. We are currently evaluating the new standard to determine how it will affect our financial reporting. At this time we expect the principal effect of adopting the new standard will be to record a right of use asset and corresponding liability.</p> </div>
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