$IPGP
IPG PHOTONICS CORP

2013 Q2 Form 10-Q Financial Statement

#000111192813000101 Filed on August 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $168.2M $137.9M
YoY Change 21.93% 13.15%
Cost Of Revenue $78.25M $63.02M
YoY Change 24.17% 14.16%
Gross Profit $89.92M $74.91M
YoY Change 20.04% 12.31%
Gross Profit Margin 53.47% 54.31%
Selling, General & Admin $19.67M $14.59M
YoY Change 34.85% 2.75%
% of Gross Profit 21.88% 19.48%
Research & Development $10.48M $7.229M
YoY Change 45.01% 9.53%
% of Gross Profit 11.66% 9.65%
Depreciation & Amortization $7.700M $6.200M
YoY Change 24.19% -1.59%
% of Gross Profit 8.56% 8.28%
Operating Expenses $30.05M $18.47M
YoY Change 62.72% -11.23%
Operating Profit $59.88M $56.45M
YoY Change 6.08% 22.97%
Interest Expense -$35.00K $615.0K
YoY Change -105.69%
% of Operating Profit -0.06% 1.09%
Other Income/Expense, Net -$274.0K $523.0K
YoY Change -152.39% -187.17%
Pretax Income $59.60M $56.97M
YoY Change 4.62% 25.76%
Income Tax $17.88M $17.12M
% Of Pretax Income 30.0% 30.05%
Net Earnings $41.72M $37.74M
YoY Change 10.54% 22.94%
Net Earnings / Revenue 24.81% 27.36%
Basic Earnings Per Share $0.81 $0.74
Diluted Earnings Per Share $0.80 $0.72
COMMON SHARES
Basic Shares Outstanding 51.46M shares 50.99M shares
Diluted Shares Outstanding 52.39M shares 52.07M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $369.5M $355.3M
YoY Change 4.0% 88.79%
Cash & Equivalents $369.5M $345.6M
Short-Term Investments $9.800M
Other Short-Term Assets $53.50M $39.50M
YoY Change 35.44% 36.21%
Inventory $154.1M $122.0M
Prepaid Expenses
Receivables $114.5M $86.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $691.6M $603.0M
YoY Change 14.69% 50.83%
LONG-TERM ASSETS
Property, Plant & Equipment $225.2M $177.4M
YoY Change 26.94% 25.02%
Goodwill $455.0K
YoY Change
Intangibles $10.96M
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.662M $12.70M
YoY Change -39.67% 6.72%
Total Long-Term Assets $247.7M $195.0M
YoY Change 27.01% 20.67%
TOTAL ASSETS
Total Short-Term Assets $691.6M $603.0M
Total Long-Term Assets $247.7M $195.0M
Total Assets $939.3M $798.0M
YoY Change 17.7% 42.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.53M $13.20M
YoY Change 40.34% -11.41%
Accrued Expenses $53.45M $27.60M
YoY Change 93.66% -45.56%
Deferred Revenue
YoY Change
Short-Term Debt $1.800M $4.000M
YoY Change -55.0% -44.44%
Long-Term Debt Due $1.333M $1.600M
YoY Change -16.69% 0.0%
Total Short-Term Liabilities $95.20M $103.8M
YoY Change -8.28% 14.32%
LONG-TERM LIABILITIES
Long-Term Debt $12.00M $14.70M
YoY Change -18.37% -12.5%
Other Long-Term Liabilities $16.09M
YoY Change
Total Long-Term Liabilities $28.09M $14.70M
YoY Change 91.06% -12.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $95.20M $103.8M
Total Long-Term Liabilities $28.09M $14.70M
Total Liabilities $123.3M $128.3M
YoY Change -3.91% -19.41%
SHAREHOLDERS EQUITY
Retained Earnings $311.8M
YoY Change
Common Stock $521.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $816.0M $669.7M
YoY Change
Total Liabilities & Shareholders Equity $939.3M $798.0M
YoY Change 17.7% 42.14%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $41.72M $37.74M
YoY Change 10.54% 22.94%
Depreciation, Depletion And Amortization $7.700M $6.200M
YoY Change 24.19% -1.59%
Cash From Operating Activities $35.60M $51.50M
YoY Change -30.87% 206.55%
INVESTING ACTIVITIES
Capital Expenditures -$16.60M -$22.20M
YoY Change -25.23% 68.18%
Acquisitions
YoY Change
Other Investing Activities $100.0K $8.400M
YoY Change -98.81%
Cash From Investing Activities -$16.40M -$13.70M
YoY Change 19.71% 3.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.300M -60.70M
YoY Change -89.62% -369.78%
NET CHANGE
Cash From Operating Activities 35.60M 51.50M
Cash From Investing Activities -16.40M -13.70M
Cash From Financing Activities -6.300M -60.70M
Net Change In Cash 12.90M -22.90M
YoY Change -156.33% -187.74%
FREE CASH FLOW
Cash From Operating Activities $35.60M $51.50M
Capital Expenditures -$16.60M -$22.20M
Free Cash Flow $52.20M $73.70M
YoY Change -29.17% 145.67%

Facts In Submission

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us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements have been prepared by IPG Photonics Corporation, or &#8220;IPG&#8221;, &#8220;we&#8221;, &#8220;our&#8221;, &#8220;its&#8221; or &#8220;the Company&#8221;. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). The consolidated financial statements include the Company&#8217;s accounts and those of its subsidiaries. All intercompany balances have been eliminated in consolidation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of the Company&#8217;s management, the unaudited financial information for the interim periods presented reflects all adjustments necessary for a fair presentation of the Company&#8217;s financial position, results of operations and cash flows. The results reported in these consolidated financial statements are not necessarily indicative of results that may be expected for the entire year.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has evaluated subsequent events through the time of filing this Quarterly Report on Form 10-Q with the SEC.</font></div></div>
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dei Entity Registrant Name
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ipgp Provisions For Inventory Product Warranty And Bad Debt
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Period End Date
DocumentPeriodEndDate
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dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001111928
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
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dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer

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